Microsoft closes the deal; Arm has Wall Street salivating: Weekly tech roundup
Investing.com -- Here is your weekly Pro Recap on the biggest headlines out of a big earnings week for tech: Microsoft closes the deal - and owes a boatload of taxes;) have finally completed the transaction to merge - Microsoft's largest deal in its 48-year history - after intense regulatory scrutiny and related delays, per the deal that the companies announced back in January 2022.Microsoft successfully addressed myriad competition concerns from U.K.
Separately, Microsoft revealed in an 8-K filing that the IRS has notified the company of a $28.9 billion back-tax claim, along with penalties and interest, for the tax years 2004 to 2013. Analysts at BofA don’t expect to see material impact on FY24/25 EPS or FCF, writing,"The $28.9 billion represents 111% of Microsoft’s deferred income tax liabilities and 45% of the company’s net cash balance.") earned a series of top ratings from several major brokerages following its highly anticipated IPO last month, bringing an end to a customary quiet period for Arm's underwriters.
Goldman Sachs, which set a price target of $62, also predicted that Arm would continue to bolster its smartphone dominance through the increased royalties. “If future growth falls short, we doubt that NFLX's 50% P/E and 70% EV/EBITDA premium to the S&P would hold up," they added.
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