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AVGO

Broadcom

$239.43

-0.89 (-0.37%)

07:59
04/13/18
04/13
07:59
04/13/18
07:59

Morgan Stanley says multiple expansion alone should drive Broadcom up 8%-15%

Morgan Stanley analyst Craig Hettenbach said he views Broadcom's $12B buyback authorization as much more than just a financial move, seeing it as an endorsement of the company's undervalued core business as well. He estimates that every $10B in buybacks can add about 5% to Broadcom's annual EPS, but also thinks the stock's multiple should begin to expand by at least 1-2 points, which would drive Broadcom shares higher by 8%-15% before even considering any EPS accretion or ongoing EPS growth. Hettenbach reiterates an Overweight rating and $305 price target on Broadcom shares.

AVGO Broadcom
$239.43

-0.89 (-0.37%)

04/05/18
04/05/18
NO CHANGE

UBS starts Semiconductors coverage, says sell Micron, Texas Instruments
UBS analyst Timothy Arcuri started coverage on the U.S. Semiconductors and Semi Equipment sector, expressing the view that consolidation and a slowdown in Moore's Law should actually lead to pricing power and inflationary effects that are still in the early innings. However, he also believes semis are still cyclical and sees some signs of caution moving into later 2018 and 2019. Arcuri, who is cautious on the memory cycle in the near-term, started Micron (MU) with a Sell rating and $35 price target, citing those cyclical memory concerns. He also has one other Sell rating among his 14 recommendations, on Texas Instruments (TXN), citing its fading leverage, a more level playing field for capital return and his cyclical concerns. Among the 14 stocks he initiated, Arcuri has 4 Buy ratings - Intel (INTC), given his above consensus call for datacenter group growth and what he sees as a mispricing of long-term growth potential; Marvell (MRVL) and Broadcom (AVGO), which he views as transformation stories; and KLA-Tencor (KLAC), on its migration to industrial tech and exposure to AI-related compute growth.
04/13/18
DBAB
04/13/18
NO CHANGE
DBAB
Buy
Broadcom buyback to be tailwind to valuation, says Deutsche Bank
Deutsche Bank analyst Ross Seymore believes Broadcom's $12B share buyback authorization will be a tailwind to the valuation. Share repurchases shows confidence in growth and valuation discipline, Seymore tells investors in a research note. He keeps a Buy rating on the shares.
04/13/18
JPMS
04/13/18
NO CHANGE
JPMS
Overweight
Broadcom buyback reflects strong business and cash flow, says JPMorgan
JPMorgan analyst Harlan Sur believes Broadcom's $12B share repurchase authorization is a reflection of the company's strong business and cash flow. He believes the stock's post earnings underperformance, 10% free cash flow yield, 3% dividend yield, combined with current solid business trends and strong anticipated cash flow generation, were all drivers of the repurchase program. The analyst would be a buyers of the stock at current levels and reiterates an Overweight rating on Broadcom.
04/13/18
FBCO
04/13/18
NO CHANGE
Target $335
FBCO
Outperform
Broadcom pulled 'lever one' to unlock value, 'two to go,' says Credit Suisse
Credit Suisse analyst John Pitzer reminded investors in a research note that he previously argued that three levers Broadcom could pull to unlock value include using excess free cash flow for share repurchases, report earnings per share inclusive of SBC and hosting an analyst day at least once every other year. Pitzer said Broadcom pulled the first lever, announcing a $12B share repurchase authorization on Thursday, and sees further potential for "lever two" and "lever three" to be pulled throughout 2018. Pitzer noted that Broadcom has not hosted an analyst day since 2012, but that holding one would allow the company to showcase the breadth and depth of its product porfolio as well as its "much stronger" bench of management than most appreciate.

TODAY'S FREE FLY STORIES

BMY

Bristol-Myers

$55.44

-0.57 (-1.02%)

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DVMT

Dell Technologies

$94.47

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VMware

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0.98 (0.67%)

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MAN

Manpower

$78.38

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STT

State Street

$74.15

-5.47 (-6.87%)

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SXT

Sensient

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-7.45 (-9.72%)

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FBC

Flagstar Bancorp

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VLP

Valero Energy Partners

$42.55

2.61 (6.53%)

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SKX

Skechers

$30.48

4.43 (17.01%)

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General news
U.S. existing home sales preview: »

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General news
Existing Home Sales to be reported at 10:00 »

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SWI

SolarWinds

$0.00

(0.00%)

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Syndicate
SolarWinds indicated to open at $15.50-$16.50, IPO priced at $15.00 »

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  • 19

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VFC

VF Corp.

$87.07

(0.00%)

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  • 19

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NIHD

NII Holdings

$5.28

(0.00%)

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Nextel sale may be allowed following regulator rule changes, Tele.sintese says »

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  • 08

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DWDP

DowDuPont

$58.60

(0.00%)

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SKX

Skechers

$26.05

(0.00%)

, BMY

Bristol-Myers

$56.01

(0.00%)

09:40
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Options
Unusually active option classes on open October 19th »

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IFMK

iFresh

$2.76

0.87 (46.03%)

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iFresh announces pricing of approximately $2.6M registered direct offering »

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DWDP

DowDuPont

$58.60

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MYL

Mylan

$32.42

-0.61 (-1.85%)

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MYL

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PG

Procter & Gamble

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CAT

Caterpillar

$134.91

-5.52 (-3.93%)

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  • 23

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CHRW

C.H. Robinson

$93.27

-0.4 (-0.43%)

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  • 31

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LSTR

Landstar System

$103.53

-4.06 (-3.77%)

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Initiation
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NGVT

Ingevity

$88.88

-0.93 (-1.04%)

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Conference/Events
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DDAIF

Daimler AG

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