BMO Capital analyst Ambrish Srivastava lowered his price target on Broadcom to $260 and kept his Market Perform rating after its Q2 results and a cut in its FY19 guidance, saying the company "did a u-turn" following a more bullish tone in the prior quarter. The analyst notes that Huawei trade restrictions factored in given its $900M in revenue in the prior year, but the overall revenue outlook revision implies about $1.4B coming out of the rest of the business. Srivastava adds that the "hockey-stick" ramp expected in the second half and forecasted by many other semiconductor companies now looks like a "distant mirage" after Broadcom's "very negative" tone on fundamentals.