BofA Downgrades Arm Holdings plc to Neutral, Maintains $120 Price Target

BofA downgraded Arm Holdings plc (NASDAQ:ARM) to 'Neutral' from 'Buy' due to a potential dip in global smartphone units, impacting ARM Client royalty sales. The company's restructuring into three segments, including Physical AI, has led to a 3% decline in the stock. BofA maintains a $120 price target and notes limited visibility into the new CPU chipset/silicon business.