On June 22, ARM Holdings declined 3.06% in regular trading, trading at $422.0/share, with turnover of $697 million. The stock continues to face selling pressure following a recent analyst downgrade and broader macro headwinds.

New Street Research downgraded ARM from Buy to Neutral with a target price of $375, significantly below the current trading level. According to FactSet, ARM carries an average analyst rating of overweight with a mean price target of $271.38, suggesting the stock remains stretched relative to consensus estimates. The downgrade comes despite Bernstein recently raising its ARM target price, citing agentic AI as a major catalyst for CPU demand growth through 2030.

Meanwhile, the Federal Reserve maintained rates unchanged but signaled a hawkish posture, with half of policymakers projecting rate hikes this year. The hawkish tone triggered broad selling in growth-oriented technology names. Within the Semiconductors sector, ARM notably underperformed peers, with Micron Technology up 3.34%, NVIDIA up 0.97%, Intel up 2.13%, and AMD up 1.39%, while Marvell Technology fell 3.69%.

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