Arm Holdings' (ARM) U.S.-listed shares rose Friday, extending a run of gains a♏fter an analyst started coverage of the chip-design company's stock with an upbeat rating.

Arm's 澳洲幸运5官方开奖结果体彩网:American Depositary Receipts (AD🎶Rs) were recently up about 6%. Raymond James initiated coverage on the stock with an "overweight" rating, citing the company’s strong position in the 澳洲幸运5官方开奖结果体彩网:generative artificial intelligence (AI) market. Analyst Srini Pajjuri gave Arm a price t꧙arget of $160, about 15% above Thursday's close.

“ARM is well-positioned to benefit from rapid growth of GenAI in the cloud and at the edge,” Pajjuri wrote. Pajjuri said that edge AI—essentially the use of AI on local devices—was “a key catalyst” for Arm’s Armv9 architecture, which is used in the new Apple (AAPL) iPhone 16's processor.

Raymond J🥃ames sees Arm’s technology finding its way into more mobile devices, as well as auto, data center, an🍷d PC markets. He argued that those factors should “drive sustainable double-digit growth for the next several years.”

Morgan Stanley on Wednesday made Arm “澳洲幸运5官方开奖结果体彩网:Our New Top Pick.” The analysts there also cited edge AI as 🧸part of their reasoning. Arm's ADRs have about doubled in 📖2024.