ARM price seems to be going through a three month flattish period after a 1 year or so steady rise. Any views on what might happen next?

Highest for a while today 784p

New post tech boom high today @818.50p.

Morgan Stanley note today:
"While 12m ago investors were worried about ARM’s position vs Intel, we believe the current share price implies a near perfect trajectory in ARM’s market share and royalty rate for the next two years. As a result, we downgrade to EW and wait for a better entry point into what remains a great story.
Investor expectations are now very high ... Just like two years ago, ARM’s share price has rocketed strongly on expectations that 1) it would take significant market share in the mobile computing market, micro-server and infrastructure markets; and 2) the launch of new architecture such as big.LITTLE would lead to higher royalty rate. Everything we were hoping for 12 months ago is now taken for granted due to strong news flow, including the iPad mini launch, disappointing Ultrabook launch and weak PC sales. It will be difficult for news flow to improve from here, and ARM could still lose sockets here and there (Samsung Galaxy S4, for instance) and are fully priced in. Investors’ high expectations are reflected in a 44x PER – at the high end of the past ten-year range. To move our DCF price target beyond £10 would require double-digit growth beyond 2020, on top of significant market share gain and a royalty rate increase in the several years to come."

Final Results

Progress on key growth drivers in Q4

· Growth in adoption of ARM® processor technology

o 36 processor licenses signed for a broad range of applications, from smartphones and mobile computers to medical devices and microcontrollers

o Momentum continues in computing, servers and networking applications with the signing of two ARMv8 architecture licenses, six ARMv8 processor licenses and three ARM Cortex™-A15 processor licenses

· Growth in shipments of chips based on ARM processor technology

o 2.5 billion chips shipped
o Processor royalty revenue grew 21% year-on-year, driven by strong growth in Cortex-A and Mali™-based chips

· Growth in outsourcing of new technology

o 7 Mali graphics processor licenses signed
o 5 physical IP based POP™ IP products licensed

Great results.

I of course had these at 89p.............Guess what?

I bought some of these and BT both just under a quid at about the same time - and still have both!

Although I do trade them from time to time.

Jefferies International Buy 917.50 922.50 805.00 1,300.00 Upgrades

ARM HOLDINGS PLC ANNOUNCES CEO SUCCESSION

Cambridge, UK, 19 MARCH 2013 - ARM Holdings plc [(LSE: ARM); (NASDAQ: ARMH)], the world's leading semiconductor intellectual property (IP) supplier, announces today that Chief Executive Officer Warren East has decided to retire from the company, effective 1 July 2013, after nearly twelve years as CEO and nineteen outstanding years at the company. Simon Segars, currently President of ARM, will become the company's new CEO.

1st Quarter Results

Progress on key growth drivers in Q1
· Growth in adoption of ARM® technology
o 22 processor licenses signed across multiple end markets from smartphones and mobile computing to digital TVs and wearable technology
· Advanced technology enables higher royalty percentage per chip
o 9 Cortex™-A processor licenses and another ARMv8 architecture license signed3 further partners enabled with ARM's v8 big.LITTLE technology
o 3 Mali graphics processor licenses signed, including a license for Skrymir, ARM's most advanced graphics processor
o POP™ IP helps optimise ARM processor implementations. ARM signed 2 further POP IP licenses in Q1
· Growth in shipments of chips based on ARM processor technology
o 2.6 billion ARM-based chips shipped, up 35% year-on-year
o Strong year-on-year shipment growth across all segments; mobile chips up 25%, embedded up 50% year-on-year
o Continued penetration of Mali graphics processors with shipments up more than 5 times year-on-year

A bit drastic!

Deutsche Bank Sell 971.50 972.00 445.00 460.00 Retains

JP Morgan Cazenove Neutral 971.50 972.00 625.00 625.00 Retains

Citigroup Buy 971.50 972.00 1,070.00 1,120.00 Retains

Liberum Capital Sell 971.50 972.00 725.00 725.00 Retains

Morgan Stanley Equal weight 971.50 972.00 911.00 925.00 Reiterates

Stellar performer.

Prime Markets Sell 1,021.00 975.00 975.00 Reiterates

Societe Generale Sell 1,021.00 640.00 640.00 Reiterates

Espirito Santo Execution Noble Neutral 1,021.00 920.00 920.00 Retains

Berenberg Buy 1,021.00 1,150.00 1,350.00 Retains

Goldman Sachs Conviction Buy 1,021.00 - 1,400.00 Reiterates

Credit Suisse Outperform 1,021.00 1,130.00 1,130.00 Reiterates

Jefferies International Buy 1,021.00 1,300.00 1,300.00 Reiterates

Liberum Capital Sell 1,021.00 725.00 725.00 Retains

Half Yearly Report

Q2 Financial Highlights
· Group revenues in US$ up 24% year-on-year (£ revenues up 26% year-on-year)
· Order backlog up more than 10% sequentially
· Normalised profit before tax and earnings per share up 30% and 37% year-on-year respectively (IFRS PBT and EPS down 73% and 73% year-on-year respectively)
· £41.8m costs incurred in Q2, being ARM's contribution to a full and final settlement of certain patent related litigation, charged in the IFRS reported results
· Record net cash generation of £96m
· Interim dividend increased by 26%

Progress on key growth drivers in Q2
· Growth in adoption of ARM® technology
o 25 processor licenses signed for a wide range of applications from smartphones and mobile computers, to storage and embedded microcontrollers
o Advanced technology enables a higher royalty percentage per chip
o 5 Cortex™-A processor licenses signed, including another Partner licensing v8 processors that support ARM's big.LITTLE technology
o 7 Mali graphics processor licenses signed
o POP™ IP helps optimise ARM processor implementations. ARM signed 5 further POP IP licenses in Q2
· Growth in shipments of chips based on ARM processor technology
o 2.4 billion ARM-based chips shipped, up 20% year-on-year
o Continued penetration of processors containing both Cortex-A and Mali graphics processors

Outlook
ARM enters the second half of 2013 with a record order backlog and a robust opportunity pipeline. Relevant data for the second quarter, being the shipment period for ARM's Q3 royalties, points to a small sequential increase in industry revenues. Building on our strong performance in the first half, we expect overall Group dollar revenues for full year 2013 to be at least in line with market expectations.

Morgan Stanley Equal weight 886.50 925.00 925.00 Reiterates

Numis Reduce 886.50 700.00 750.00 Reiterates

Investec Buy 886.50 1,000.00 - Retains

Yeah I would be inclined to sell and switch to IQE which I think is at similar stage ARM was few yrs ago, could be a multi-bagger from here looking at the TU yesterday

Boom, Samsung has decided to switch from IMG's GPU and has picked ARM for its latest graphics applications...

Societe Generale Sell 830.25 888.50 640.00 640.00 Reiterates

Shares of ARM Holdings PLC (ARMHY) rallied 4.7% after Deutsche Bank said the chip maker will benefit from the launch of Apple Inc.'s (AAPL) iPhone 5S.

Barclays note:
"We have known ARM has been working with its licensees on 64-bit chips, but we were expecting initial commercial silicon later this year and in a standard implementation. Apple is an ARM architecture licensee and has been developing its own application processor around ARM’s instruction set, but it is Apple’s custom design rather than a standard design from ARM. It is rare for an architecture licensee to come to market ahead of the standard implementation, but that seems to be the case with the Apple A7 chip. The sooner than expected launch of ARM 64-bit chips, and with the expected performance gains demonstrated by Apple, is a positive for ARM in its battle vs. Intel. Yesterday’s announcement by Apple is well timed given Intel are simultaneously holding their Intel Developer Forum in San Francisco.

We reiterate our Overweight rating on ARM and see upside to our price target of GBp1125. ARM shares trade on 35x/27x 2014/15E P/E, a premium multiple justified by the 30% EPS CAGR ARM has been generating through past cycles and the comparable growth we forecast for the next few years. The shift to 64-bit cores supports positive estimate momentum, as the royalty rate for ARM v8 64-bit starts at 2.00%, vs. 1.50-1.75% for the current generation of smartphone processors (Cortex A8/A9)."