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Fly News Breaks for June 21, 2016
AVGO, CY
Jun 21, 2016 | 08:11 EDT
After Cypress (CY) agreed to buy Broadcom's (AVGO) IoT business, Pacific Crest says that the deal is favorable for Cypress because its focus on IoT and automotive has been increasing. The firm thinks the company has several positive, upcoming catalysts, including the hiring of a new CEO, and it believes that the company could be acquired. The firm keeps an $11 price target and Overweight rating on the shares.
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