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QCOM

Qualcomm

$68.38

0.24 (0.35%)

, AVGO

Broadcom

$277.40

-7.22 (-2.54%)

06:47
11/29/17
11/29
06:47
11/29/17
06:47

Qualcomm downgraded to Hold after Broadcom bid at Stifel

As previously reported, Stifel analyst Kevin Cassidy downgraded Qualcomm (QCOM) to Hold from Buy, arguing that the risk in the shares is now greater than the potential reward following the company's recent rejection of Broadcom's (AVGO) $70 per share bid. If Broadcom withdraws the offer, Qualcomm shares may return to the $47-$55 range, while if an acquisition deal is struck the price could be a mix of cash and stock in the high-$70 to $80 range, Cassidy believes. He raised his price target on Qualcomm to $75 from $65 based on the potential for an increased offer, which he expects.

QCOM

Qualcomm

$68.38

0.24 (0.35%)

AVGO

Broadcom

$277.40

-7.22 (-2.54%)

  • 06

    Dec

  • 06

    Mar

QCOM Qualcomm
$68.38

0.24 (0.35%)

11/28/17
STFL
11/28/17
DOWNGRADE
STFL
Hold
Qualcomm downgraded to Hold from Buy at Stifel
11/20/17
BMOC
11/20/17
NO CHANGE
Target $330
BMOC
Outperform
Broadcom resumed at BMO Capital with Outperform
BMO Capital analyst Ambrish Srivastava resumed coverage of Broadcom (AVGO) with an Outperform rating and a price target of $330, up from $200 when previously covered. Srivastava says the company continues to translate its acquisitions into "meaningful" earnings and free cash flow accretion. The analyst adds that he is positive on Brodcom's "audacious" bid for Qualcomm (QCOM), noting that shares could be valued at $410-$450 if the proposed acquisition goes through, leading to combined-company free cash flows doubling to about $20B.
11/14/17
RBCM
11/14/17
NO CHANGE
Target $77
RBCM
Outperform
Qualcomm price target raised to $77 from $70 at RBC Capital
RBC Capital analyst Amit Daryanani raised his price target on Qualcomm (QCOM) to $77 after yesterday's formal rejection of $70 per share offer from Broadcom (AVGO). Daryanani says the rejection is not a surprise, noting that the next likely steps are for Broadcom to present its offer to shareholders and escalate the process to a proxy battle that may yield a higher bid. The analyst keeps his Outperform rating on Qualcomm, saying investors will likely agree to the Broadcom deal at a higher price of "high $70's to low $80's".
11/14/17
NOMU
11/14/17
NO CHANGE
NOMU
Qualcomm holders likely compelled by $80 per share offer, says Nomura
A takeover offer of $80 per share or higher by Broadcom (AVGO) would be perceived as "highly compelling" to Qualcomm's (QCOM) largest shareholders, Nomura Instinet analyst Romit Shah told investors yesterday in a research note. He believes Broadcom "has a lot of leverage" even though Qualcomm expressed no interest in negotiating yesterday when rejecting Broadcom's $70 per share offer. Broadcom is likely to get more aggressive with its bid for Qualcomm, via either the launch of a public exchange offer for all shares or announcing a slate of directors for nomination, Shah contends. The analyst sees more upside in Broadcom than Qualcomm should a deal get consummated. Broadcom can rally 35% to $360 per share while Qualcomm will likely rally 15%-25% to $75-$80 per share in a deal scenario, the analyst estimates.
AVGO Broadcom
$277.40

-7.22 (-2.54%)

11/27/17
BMOC
11/27/17
NO CHANGE
Target $25
BMOC
Market Perform
Marvell price target raised to $25 from $16 at BMO Capital
BMO Capital analyst Ambrish Srivastava raised his price target on Marvell (MRVL) to $25 in the wake of its Cavium (CAVM) acquisition, saying the deal makes sense since the combined entity will have greater earnings power as smaller companies find it increasingly more challenging to compete. Srivastava says that while there is some overlap between the two entities, there are enough businesses that complement each other, allowing for better positioning relative to Broadcom (AVGO). The analyst keeps his Market Perform rating on Marvell.
11/20/17
OPCO
11/20/17
NO CHANGE
Target $30
OPCO
Outperform
Marvell price target raised to $30 from $23 at Oppenheimer
Oppenheimer analyst Rick Schafer raised his price target for Marvell (MRVL) to $30 from $23 after the company announced plans to acquire Cavium (CAVM) in a 50/50 cash/stock transaction valuing the latter at about $84/share. The analyst believes that acquiring Cavium increases Marvell's exposure to the datacenter/networking markets, creating a robust portfolio to better compete against powerhouse Broadcom (AVGO). Schafer sees the deal as a strategic use of Marvell's $1.6B in cash, and says he is bullish on the combination. He reiterates an Outperform rating on Marvell's shares.

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MCK

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PG

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SNSS

Sunesis

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T

AT&T

$38.24

0.5 (1.32%)

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HPE

HP Enterprise

$14.41

0.17 (1.19%)

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FSV

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Energy Transfer Partners

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AMTD

TD Ameritrade

$51.98

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HIIQ

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NBY

NovaBay

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T

AT&T

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RUN

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SINO

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ALN

American Lorain

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Black Hills

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