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Fly News Breaks for July 24, 2018
AVGO, CA
Jul 24, 2018 | 08:13 EDT
Argus analyst Jim Kelleher downgraded CA Technologies (CA) to Hold from Buy, saying the stock price has risen past his prior price target of $40 and approaching the $44.50 per share bid price from Broadcom (AVGO). The analyst believes that because of its slow growth rate, CA is unlikely to generate a competing bid from other hardware companies looking to diversify their revenue with software assets, even though he still sees room for CA to further grow its earnings in the coming years.
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