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Fly News Breaks for March 24, 2015
BRCM
Mar 24, 2015 | 07:21 EDT
Macquarie said set top boxes is a 1H headwind, and when combined with cord-cutting, has resulted in increased negative sentiment for Broadcom. The firm believes the pause in set top box orders is temporary and should see an acceleration in CPE spending in 2H driven by U.S. merger completions, a stabilizing U.S. dollar, and the digitization of cable. Additionally, Macquarie thinks connectivity sales are better than expected and could drive upside to estimates. Shares are Outperform rated with a $50 price target.
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