diff --git a/llvm/lib/Target/ARM/AsmParser/ARMAsmParser.cpp b/llvm/lib/Target/ARM/AsmParser/ARMAsmParser.cpp
--- a/llvm/lib/Target/ARM/AsmParser/ARMAsmParser.cpp
+++ b/llvm/lib/Target/ARM/AsmParser/ARMAsmParser.cpp
@@ -6045,39 +6045,54 @@
   case AsmToken::LCurly:
     return parseRegisterList(Operands, !Mnemonic.startswith("clr"));
   case AsmToken::Dollar:
-  case AsmToken::Hash:
-    // #42 -> immediate.
-    S = Parser.getTok().getLoc();
-    Parser.Lex();
-
-    if (Parser.getTok().isNot(AsmToken::Colon)) {
-      bool isNegative = Parser.getTok().is(AsmToken::Minus);
-      const MCExpr *ImmVal;
-      if (getParser().parseExpression(ImmVal))
-        return true;
-      const MCConstantExpr *CE = dyn_cast<MCConstantExpr>(ImmVal);
-      if (CE) {
-        int32_t Val = CE->getValue();
-        if (isNegative && Val == 0)
-          ImmVal = MCConstantExpr::create(std::numeric_limits<int32_t>::min(),
-                                          getContext());
-      }
-      E = SMLoc::getFromPointer(Parser.getTok().getLoc().getPointer() - 1);
-      Operands.push_back(ARMOperand::CreateImm(ImmVal, S, E));
-
-      // There can be a trailing '!' on operands that we want as a separate
-      // '!' Token operand. Handle that here. For example, the compatibility
-      // alias for 'srsdb sp!, #imm' is 'srsdb #imm!'.
-      if (Parser.getTok().is(AsmToken::Exclaim)) {
-        Operands.push_back(ARMOperand::CreateToken(Parser.getTok().getString(),
-                                                   Parser.getTok().getLoc()));
-        Parser.Lex(); // Eat exclaim token
+  case AsmToken::Hash: {
+      // #42 -> immediate
+      // $ 42 -> immediate
+      // $foo -> symbol name
+      // $42 -> symbol name
+      S = Parser.getTok().getLoc();
+
+      // Favor the interpretation of $-prefixed operands as symbol names.
+      // Cases where immediates are explicitly expected are handled by their
+      // specific ParseMethod implementations.
+      auto AdjacentToken = getLexer().peekTok(/*ShouldSkipSpace=*/false);
+      bool ExpectIdentifier = Parser.getTok().is(AsmToken::Dollar) &&
+          (AdjacentToken.is(AsmToken::Identifier) ||
+           AdjacentToken.is(AsmToken::String) ||
+           AdjacentToken.is(AsmToken::Integer));
+      if (!ExpectIdentifier) {
+        // Token is not part of identifier. Drop leading $ or # before parsing expression.
+        Parser.Lex();
       }
-      return false;
-    }
-    // w/ a ':' after the '#', it's just like a plain ':'.
-    LLVM_FALLTHROUGH;
 
+      if (Parser.getTok().isNot(AsmToken::Colon)) {
+          bool isNegative = Parser.getTok().is(AsmToken::Minus);
+          const MCExpr *ImmVal;
+          if (getParser().parseExpression(ImmVal))
+              return true;
+          const MCConstantExpr *CE = dyn_cast<MCConstantExpr>(ImmVal);
+          if (CE) {
+              int32_t Val = CE->getValue();
+              if (isNegative && Val == 0)
+                  ImmVal = MCConstantExpr::create(std::numeric_limits<int32_t>::min(),
+                                                  getContext());
+          }
+          E = SMLoc::getFromPointer(Parser.getTok().getLoc().getPointer() - 1);
+          Operands.push_back(ARMOperand::CreateImm(ImmVal, S, E));
+
+          // There can be a trailing '!' on operands that we want as a separate
+          // '!' Token operand. Handle that here. For example, the compatibility
+          // alias for 'srsdb sp!, #imm' is 'srsdb #imm!'.
+          if (Parser.getTok().is(AsmToken::Exclaim)) {
+              Operands.push_back(ARMOperand::CreateToken(Parser.getTok().getString(),
+                                                         Parser.getTok().getLoc()));
+              Parser.Lex(); // Eat exclaim token
+          }
+          return false;
+      }
+      // w/ a ':' after the '#', it's just like a plain ':'.
+      LLVM_FALLTHROUGH;
+  }
   case AsmToken::Colon: {
     S = Parser.getTok().getLoc();
     // ":lower16:" and ":upper16:" expression prefixes
diff --git a/llvm/test/MC/ARM/arm-branches.s b/llvm/test/MC/ARM/arm-branches.s
--- a/llvm/test/MC/ARM/arm-branches.s
+++ b/llvm/test/MC/ARM/arm-branches.s
@@ -13,3 +13,32 @@
 @ CHECK: bl	#4                      @ encoding: [0x01,0x00,0x00,0xeb]
 @ CHECK: beq	#4                      @ encoding: [0x01,0x00,0x00,0x0a]
 @ CHECK: blx	#2                      @ encoding: [0x00,0x00,0x00,0xfb]
+
+@------------------------------------------------------------------------------
+@ Leading '$' on branch targets must not be dropped if part of symbol names
+@------------------------------------------------------------------------------
+
+        .global $foo
+        b $foo
+        bl $foo
+        beq $foo
+        blx $foo
+        b $foo + 4
+
+@ CHECK: b      ($foo)                      @ encoding: [A,A,A,0xea]
+@ CHECK: bl     ($foo)                      @ encoding: [A,A,A,0xeb]
+@ CHECK: beq    ($foo)                      @ encoding: [A,A,A,0x0a]
+@ CHECK: blx    ($foo)                      @ encoding: [A,A,A,0xfa]
+@ CHECK: b      #($foo)+4                   @ encoding: [A,A,A,0xea]
+
+@------------------------------------------------------------------------------
+@ Leading '$' should be allowed to introduce an expression
+@------------------------------------------------------------------------------
+
+        .global bar
+        b $ 4
+        bl $ bar + 4
+        blx $ bar
+@ CHECK: b	    #4                        @ encoding: [0x01,0x00,0x00,0xea]
+@ CHECK: bl     #bar+4                    @ encoding: [A,A,A,0xeb]
+@ CHECK: blx    bar                       @ encoding: [A,A,A,0xfa]