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AVGO

Broadcom

$254.87

-12.89 (-4.81%)

, QCOM

Qualcomm

$60.62

0.73 (1.22%)

08:44
03/17/18
03/17
08:44
03/17/18
08:44

Week in review: How Trump's policies moved stocks

Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Trump and his administration with this weekly recap compiled by The Fly: 1. QUALCOMM, BROADCOM DEAL BLOCKED: In an executive order, President Trump blocked Broadcom's (AVGO) attempt to acquire Qualcomm (QCOM). "There is credible evidence that leads me to believe that Broadcom Limited, a limited company organized under the laws of Singapore, along with its partners, subsidiaries, or affiliates...through exercising control of Qualcomm, a Delaware corporation, might take action that threatens to impair the national security of the United States; and Provisions of law, other than section 721 and the International Emergency Economic Powers Act, do not, in my judgment, provide adequate and appropriate authority for me to protect the national security in this matter," Trump said in the order. He added that the proposed takeover of Qualcomm was prohibited and "any substantially equivalent merger, acquisition, or takeover, whether effected directly or indirectly, is also prohibited." Later in the week, Broadcom announced that it had withdrawn and terminated its offer to acquire Qualcomm and has withdrawn its slate of independent director nominees for Qualcomm's 2018 annual meeting of stockholders. 2. NEW SECRETARY OF STATE: President Trump ousted Secretary of State Rex Tillerson and replaced the former Exxon (XOM) CEO with CIA Director Mike Pompeo. Using his Twitter account, Trump said: "Mike Pompeo, Director of the CIA, will become our new Secretary of State. He will do a fantastic job! Thank you to Rex Tillerson for his service! Gina Haspel will become the new Director of the CIA, and the first woman so chosen. Congratulations to all!" 3. EVOLENT HEALTH: On Wednesday, Oppenheimer analyst Mohan Naidu said that recent rhetoric from new Health and Human Services Secretary Alex Azar and CMS Administrator Seema Verma makes him believe that the transition toward value-based reimbursement will likely be front and center for the new HHS leadership. The analyst noted that this push will drive more health systems to reconsider their strategy of maintaining the status quo, and to reevaluate and move toward tackling the problems of risk-based reimbursement, which he believes will drive demand for Evolent Health's (EVH) solutions. Naidu added that this tailwind should drive pipeline and deal flow for the company, and reiterated an Outperform rating and $22 price target on the stock. "Week in Review" is The Fly's weekly recap of its recurring series of "Trump Effect" exclusive stories.

AVGO

Broadcom

$254.87

-12.89 (-4.81%)

QCOM

Qualcomm

$60.62

0.73 (1.22%)

XOM

Exxon Mobil

$75.12

0.7 (0.94%)

EVH

Evolent Health

$14.60

-0.2 (-1.35%)

  • 29

    Mar

AVGO Broadcom
$254.87

-12.89 (-4.81%)

03/16/18
OPCO
03/16/18
NO CHANGE
Target $315
OPCO
Outperform
Broadcom's Q1 results show resiliency of company's model, says Oppenheimer
Following its Q1 results, Oppenheimer analyst Rick Schafer told investors in a research note that he believes Broadcom (AVGO) has one of the most "strategically and financially attractive business models" in semiconductors, and that its "positive" results in the face of weaker optical, iPhone and carrier access markets shows the resiliency of the company's model and management's ability to drive "enviable" growth and profitability in many business environments. Now that Broadcom is "past the Qualcomm (QCOM) saga," Schafer expects Broadcom to return to its playbook, finding and executing "bite-sized" accretive acquisitions. Schafer, who has an Outperform rating on Broadcom, says he is a "long-term buyer" with a $315 price target.
03/16/18
RHCO
03/16/18
NO CHANGE
Target $345
RHCO
Buy
Broadcom price target raised to $345 from $335 at SunTrust
SunTrust analyst William Stein raised his price target on Broadcom to $345 after the company's latest earnings beat and raised outlook, which "overwhelm" the headwinds of higher taxes from redomiciliation. Stein also cites the management's target leverage remaining below 2-times, suggesting "more easily digestible deals" in M&A putting some investor concerns at ease. The analyst keeps his Buy rating on Broadcom, adding that his new valuation reflects in part no incremental M&A over the near term.
03/16/18
CHLM
03/16/18
NO CHANGE
Target $330
CHLM
Buy
Broadcom 'on the hunt' for additional, smaller M&A, says Craig-Hallum
Craig-Hallum analyst Tony Stoss reiterated his Buy rating and $330 price target on Broadcom (AVGO) following the company's in-line Q1 results and guidance. In a research note to investors, Stoss said he is confident in Broadcom's content at Apple (AAPL) longer term as management stated they expect to grow Apple content about 15% annually for the next 3-5 years. Additionally, Stoss noted that while the company is "disappointed" that the deal with Qualcomm (QCOM) was blocked, Broadcom remains "on the hunt" for additional M&A, which will likely be smaller in size given that the company plans to use just cash on hand to fund additional acquisitions.
03/16/18
WELS
03/16/18
INITIATION
Target $260
WELS
Market Perform
Broadcom resumed with a Market Perform at Wells Fargo
Wells Fargo analyst David Wong resumed coverage of Broadcom with a Market Perform rating and $260 price target. The possibility that Broadcom will find it increasingly difficult to make large acquisitions and that dollar content increases in smartphones might slow creates some concerns for the stock, Wong tells investors in a research note.
QCOM Qualcomm
$60.62

0.73 (1.22%)

03/16/18
DADA
03/16/18
NO CHANGE
Target $325
DADA
Buy
Broadcom has several growth prospects for next couple years, says DA Davidson
DA Davidson analyst Thomas Diffely kept his Buy rating and $325 price target on Broadcom (AVGO) after the company's Q1 earnings beat that was driven by the "extended iPhone X rollout, content growth at Apple (AAPL), and an extra week in the quarter." Despite the broken Qualcomm (QCOM) deal, the analyst contends that content growth at smartphone manufacturers, strong trends in the data center segment, and the emergence of 5G combine to give Broadcom growth prospects for the next couple of years.
03/16/18
WELS
03/16/18
INITIATION
Target $65
WELS
Market Perform
Qualcomm resumed with a Market Perform at Wells Fargo
Wells Fargo analyst David Wong resumed coverage of Qualcomm with a Market Perform rating and $65 price target. The analyst sees risks to Qualcomm shares from slowing growth in the smartphone end market and the possibility that the company might fail to achieve a positive resolution to the current licensing disputes or that new disputes might arise with other licensing customers.
XOM Exxon Mobil
$75.12

0.7 (0.94%)

03/15/18
03/15/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. HD Supply (HDS) upgraded to Buy from Hold at SunTrust with analyst Keith Hughes saying the current valuation on the stock is too low at 10.7-times enterprise value to EBITDA, with his new price target taking that valuation to the upper middle of the distribution group range. 2. Viacom (VIAB) upgraded to Buy from Hold at Needham with analyst Laura Martin saying the stock's forward PE valuation at 8.2-times is 15%-30% below peers mainly due to Paramount's losses. 3. Akamai (AKAM) upgraded to Sector Weight from Underweight at KeyBanc with analyst Brandon Nispel saying Akamai's ability to expand margins is greater than he anticipated and that fears surrounding growth are "unlikely to come to fruition near term." 4. Aon plc (AON) upgraded to Buy from Neutral at Goldman Sachs while Willis Towers Watson (WLTW) was upgraded to Neutral from Sell. 5. Exxon Mobil (XOM) upgraded to Buy from Reduce at HSBC. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
02/06/18
02/06/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Radware (RDWR) downgraded to In-Line from Outperform at Imperial Capital by analyst Michael Kim, who reduced his estimates to reflect elevated uncertainty in the timing and magnitude of purchase orders, particularly from Tier 1 carriers. He sees limited downside from current share levels, however. 2. Micron (MU) downgraded to Hold from Buy at Summit Insights. Micron was upgraded to Strong Buy at Needham and to Overweight from Sector Weight at KeyBanc. 3. Exxon Mobil (XOM) downgraded to Underweight from Overweight at Barclays by analyst Paul Cheng, who recommended investors shift from Exxon Mobil to Chevron (CVX), a stock he upgraded this morning to Overweight. Exxon may not be able to maintain its historical valuation premium, Cheng tells investors in a research note. He thinks the company's valuation still reflects "rich historical norms," while the upstream's underlying fundamentals "appear to have suffered a structural deterioration." 4. Cirrus Logic (CRUS) downgraded to Hold from Buy Needham. 5. Catalent (CTLT) downgraded to Equal Weight from Overweight at Stephens by analyst Drew Jones, who believes there to be some conservatism in its guidance. However, he sees the potential for outperformance as less significant than in the past. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
03/08/18
RBCM
03/08/18
NO CHANGE
Target $90
RBCM
Sector Perform
Exxon Mobil price target raised to $90 from $85 at RBC Capital
RBC Capital analyst Biraj Borkhataria raised the price target on Exxon Mobil to $90 while keeping its Sector Perform rating. The analyst points to the company's higher investment levels and acceleration of its development program over the next 7 years leading to improving capital returns, but also notes that investors seem to be just as focused on the negative impact of the investment on profitability before giving the company credit for improving returns after 2020.
03/15/18
HSBC
03/15/18
UPGRADE
HSBC
Buy
Exxon Mobil upgraded to Buy from Reduce at HSBC
EVH Evolent Health
$14.60

-0.2 (-1.35%)

03/14/18
OPCO
03/14/18
NO CHANGE
Target $22
OPCO
Outperform
HHS Secretary comments a 'strong' tailwind for Evolent Health, says Oppenheimer
Oppenheimer analyst Mohan Naidu says that recent rhetoric from the new Health and Human Services Secretary Alex Azar and CMS Administrator Seema Verma makes him believe that the transition toward value-based reimbursement will likely be front and center for the new HHS leadership. The analyst notes that this push will drive more health systems to reconsider their strategy of maintaining the status quo, and to reevaluate and move toward tackling the problems of risk-based reimbursement, which he believes will drive demand for Evolent Health's solutions. Naidu thinks this tailwind will drive pipeline and deal flow for the company, and reiterates an Outperform rating and $22 price target on the stock.
02/13/18
JEFF
02/13/18
NO CHANGE
Target $22
JEFF
Buy
Evolent remains top idea after management meeting at Jefferies
After meeting with management, Jefferies analyst Sean Dodge says Evolent Health remains one of his top ideas in Healthcare Information Technology. The analyst lowered his price target for the shares to $22 from $28 and keeps a Buy rating on the name. Client decisions have now all been made, giving Evolent good visibility on its mid-/high-teens 2018 revenue outlook, Dodge tells investors in a research note. The analyst believes the company's demand should grow as an increasing proportion of provider reimbursements are tied to quality/value.
01/12/18
COWN
01/12/18
NO CHANGE
Target $29
COWN
Outperform
Evolent Health risk/reward compelling, says Cowen
Cowen analyst Charles Ryhee noted Evolent Health provided some clarity on its co-investment strategy and provided an initial outlook for 2018 which he believes will give investors comfort moving into the year. The analyst said the forecast confirms his belief that the core outlook is healthy and with that, the risk/reward remains compelling. Ryhee reiterated his Outperform rating and $29 price target on Evolent Health shares.
01/11/18
BARD
01/11/18
NO CHANGE
Target $25
BARD
Outperform
Evolent Health remains a unique growth story, says Baird
Baird analyst Matthew Gillmor noted Evolent Health's outlook is consistent with the Street view, but he said he is encouraged by the company's potential upside for Q4 and strong pipeline activity. Gillmor said Evolent remains a unique growth story and he reiterated his Outperform rating and $25 price target on the shares.

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