UPDATE: Canaccord Raises PT on ARM Holdings plc on Good Q1/13 Results

In a report published Tuesday, Canaccord Genuity analyst Matthew D. Ramsay reiterated a Buy rating on ARM Holdings plc

, and raised the price target from $50.00 to $52.00. In the report, Ramsay noted, “ARM reported Q1/13 results exceeding our and consensus estimates, driven by strong royalty sales from seasonally strong December quarter smartphone processor sales in both Western and emerging markets, embedded market share gains, and a favorable FX impact to operating expenses. We maintain our belief ARM is well positioned to exceed consensus sales and earnings estimates for 2013/14, driven by an expanding royalty rate in ARM's key smartphone and tablet markets as newer Cortex-A, big.LITTLE, and ARMv8 chip volumes increase and by market share gains in under-penetrated markets including digital TVs, networking, embedded, and M2M.” ARM Holdings plc closed on Monday at $40.24.