Wells Fargo raised the firm's price target on Arm to $410 from $255 and keeps an Overweight rating on the shares. Last week, the firm hosted meetings on its 4th Annual Wells Fargo Silicon Valley Bus Tour, with every one of those having a positive demand tone -- from AI data center build-outs to the proliferation of AI inferencing / Agentic AI driving significant incremental server CPU demand and continued drives of memory expansion. Memory constraints appear very poised to continue through 2027; to be determined on 2028, adds Wells. Economies-of-scale are a significant competitive advantage / lever, the firm argues.
