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AVGO

Broadcom

$239.43

-0.89 (-0.37%)

08:24
04/13/18
04/13
08:24
04/13/18
08:24

Technical Take: Broadcom rises on $12B share repurchase, analyst action

In pre-market trading the stock was up 4% to $249. At that price next resistance is at $250.75. Support is at $247.55. As previously reported, Citi assumed coverage of the stock at Buy with a $300 price target.

AVGO Broadcom
$239.43

-0.89 (-0.37%)

04/13/18
SBSH
04/13/18
INITIATION
Target $300
SBSH
Buy
Citi assumes Broadcom at Buy, says Xilinx possible next target
Citi analyst Christopher Danely resumed coverage of Broadcom (AVGO) with a Buy rating and $300 price target citing strength in the core business and accretion from acquisitions. The analyst believes Broadcom can grow its revenue at 8% annually over the next two years, above the average historical semiconductor industry growth of 5%. He estimates the most recent acquisition of Brocade is roughly $1.32, or 8%, accretive to Broadcom's combined 2019 earnings per share of $18.43. Danely believes Xilinx (XLNX) could be Broadcom's next acquisition target. He sees the deal being $1.06, or 6% accretive to earnings per share.
04/13/18
MSCO
04/13/18
NO CHANGE
Target $305
MSCO
Overweight
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.
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.
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.

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