- Softbank Group Corp (OTC:SFTBF) (OTC:SFTBY) chief Masayoshi Son prepares to reach a deal with Nasdaq to list chip designer Arm Ltd by this week.
- Softbank and the New York Exchange reached a tentative agreement over Arm’s proposed listing on Monday, the Financial Times reports citing familiar sources.
- The move represents the first formal step in the IPO process likely to end speculation over Son’s plans for the Cambridge-based company after a deal to sell it to rival Nvidia Corp (NASDAQ:NVDA) collapsed in early 2022.
- Son recently stepped back from front-line management of Softbank’s other investment activities to concentrate on the turnaround and float of Arm.
- Investors said that given the difficulty of directly comparing Arm with any other company, a realistic valuation could range between $30 billion – $70 billion.
- Reportedly Softbank did not look to dual-list Arm on another exchange.
- The success of the IPO will be critical for Softbank to engineer a turnaround as analysts expect the group to log two straight years of losses when it reports its results next month.
- Ahead of the IPO, Son has focused on revamping Arm’s business model to drive up its profits.
- Recent reports suggested Arm is seeking to raise prices for its chip.
- Price Action: SFTBY shares closed higher by 1.03% at $19.40 on Tuesday.
JP Morgan Maintains Neutral on Deere, Lowers Price Target to $325
JP Morgan analyst Tami Zakaria maintains Deere (NYSE:DE) with a Neutral and lowers the price target from $370 to $325.
