BUZZ-ARM: broker boost

** ARM Holdings bounces further off 6-mth lows asInvestec upgrades to "buy" vs "hold" on valuation grounds aheadof H1 results on July 22 which the broker expects to be in-line

** Investec notes stock has underperformed the market by 12%in the last three months, and is at a c.25% discount as well asthe bottom of its five-year valuation range

** Flags co's compelling investment case based on thesignificant historic licence signings underpinning futureroyalty growth

** Stock up 1%, 3rd-top FTSE 100 riser & 3rd mostactively traded on index (RM: tricia.wright1.thomsonreuters.com@reuters.net)