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Goldman Sachs talks up ARM stock

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Goldman Sachs has upped its target price for ARM Holdings following the chip manufacturer's deal with Texas Instruments. In a note entitled "Adding Fuel to the Blazing Fire", Goldman Sachs upgraded its value of ARM's shares to 2200 pence from 1650 pence. Yesterday Cambridge-based ARM announced it would collaborate with Texas Instruments on a DSP and Microcontroller platform for next generation wireless devices. Its shares rose 94 pence to £18.91 on the back of the move. The two companies will develop technology to enable mobile phones and other hand held devices to access the Internet. The new Dual-Core platform will be based on TI's DSP technology and ARM's advanced 32-bit RISC microcontroller core. It will run current and future wireless cellular applications such as 2G+ and 3G. Although it will primarily be designed for cellular wireless devices, it hopes the technology will be attractive for other digital wireless applications such as wireless LAN. The deal follows a similar agreement with Intel last week. Yesterday also saw Apple reduce its stake in ARM to 6.86 per cent. The PC vendor sold 2.1 million shares, or a 1.1 per cent stake in the company. ®

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