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Fly News Breaks for December 9, 2016
BRCD, AVGO
Dec 9, 2016 | 07:16 EDT
Oppenheimer analyst Rick Schafer raised his price target for Broadcom (AVGO) to $215 from $200 following the company's "beat and raise." The analyst continues to see Broadcom as mispriced for several reasons, including industry leading capital return and margin profile, organically growing top-line tied to favorable long-term secular trends, additional accretion from Brocade (BRCD) yet to be layered into estimates, and ample dry powder for further M&A. He remains a long-term buyer and reiterates an Outperform rating on Broadcom's shares.
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