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QCOM

Qualcomm

$58.32

1.01 (1.76%)

, AVGO

Broadcom

$209.91

-19.84 (-8.64%)

06:03
07/13/18
07/13
06:03
07/13/18
06:03

Broadcom shifts strategy towards rolling up software companies, CNBC reports

After failing to purchase Qualcomm (QCOM), Broadcom (AVGO) announced that it is acquiring CA Technologies for roughly $19B shifting its strategy from rolling up semiconductor companies toward buying up mainframe and infrastructure software companies, CNBC reports, citing people familiar with the matter. Broadcom expects to use CA as a new software platform to purchase and merge other, similar software companies. Reference Link

QCOM

Qualcomm

$58.32

1.01 (1.76%)

AVGO

Broadcom

$209.91

-19.84 (-8.64%)

CA

CA Technologies

$44.15

0.97 (2.25%)

  • 25

    Jul

QCOM Qualcomm
$58.32

1.01 (1.76%)

06/08/18
CHLM
06/08/18
NO CHANGE
Target $330
CHLM
Buy
Broadcom remains a 'free cash flow machine,' says Craig-Hallum
Craig-Hallum analyst Anthony Stoss reiterated a Buy rating and $330 price target on Broadcom (AVGO) following its Q2 earnings report, calling the company a free cash flow generating "machine." Stoss said in a research note that although management seemed to paint a more muted picture in the near-term, he is looking for a strong second half of the year driven by a rebound in their wireless business in connection with Apple's (AAPL) next generation phone ramp, and expects Broadcom to pursue smaller M&A with Qualcomm (QCOM) now in the rearview mirror.
06/11/18
RHCO
06/11/18
DOWNGRADE
Target $119
RHCO
Hold
NXP Semiconductors downgraded to Hold at SunTrust on valuation
As reported earlier, SunTrust analyst William Stein downgraded NXP Semiconductors (NXPI) to Hold from Buy and kept his $119 price target, saying the current stock price is above fair value and demands "an explicit view" that the Qualcomm (QCOM) bid will receive approval from China regulators. Stein notes that currently, the likelihood of such approval would be "only a guess", but adds that the run-up in the stock price since his April upgrade was in response to a sentiment shift over trade negotiations with China, which has been "robust". The analyst further states that last week's agreement between the U.S. government and ZTE (ZTCOY) has made sentiment around the Qualcomm bid "sanguine".
06/27/18
NORL
06/27/18
NO CHANGE
NORL
Underperform
Intel could lose spot as second modem source at Apple, says Northland
Northland analyst Gus Richard said earlier that contacts he spoke with at the Design Automation conference indicated that that MediaTek might become the second source to Qualcomm (QCOM) at Apple (AAPL) for modems, displacing Intel (INTC). Additionally, while it has been rumored in the press previously that Apple is working on its own CPU for its notebooks to replace the Intel chip it currently uses, Richard said this rumor was confirmed by one contact. Richard maintains an Underperform rating on Intel shares, which are down 1.2% to $49.06 in afternoon trading.
07/12/18
ADAM
07/12/18
NO CHANGE
Target $335
ADAM
Buy
'Unexpected' proposed CA deal expands Broadcom's TAM, says Canaccord
Canaccord analyst T. Michael Walkley reiterated a Buy rating and $335 price target on Broadcom (AVGO) following its "unexpected" $18.9B bid to buy CA Technologies (CA), telling investors in a research note that post its failed bid for Qualcomm (QCOM), Broadcom remains committed to generating double digit earnings growth through share buybacks, acquisitions and organic growth. Though Broadcom has previously focused acquisitions on semiconductor companies in the wireless, wired and storage markets, the analyst says the proposed CA acquisition expands Broadcom's TAM, adds recurring revenue with higher margins and pivots Broadcom's focus to acquiring mission critical technology companies outside of just the semiconductor market.
AVGO Broadcom
$209.91

-19.84 (-8.64%)

07/12/18
07/12/18
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. Netflix (NFLX) downgraded to Neutral from Buy at UBS with analyst Eric Sheridan saying the stock has appreciated 35% since the Q1 earnings report and 117% year-to-date. 2. Perrigo (PRGO) downgraded to Sell from Neutral at Goldman Sachs with analyst Jami Rubin saying she sees "no meaningful risk" to estimates but expects the "business to drift" due to a lack of meaningful new launches in the pipeline. 3. Extra Space Storage (EXR) downgraded to Buy from Conviction Buy at Goldman Sachs with analyst Andrew Rosivach citing significant share price outperformance and relative valuation. 4. Cedar Fair (FUN) downgraded to Neutral from Buy at Goldman Sachs with analyst Christopher Prykull citing the softer-than-expected mid-year revenue update. 5. Broadcom (AVGO) downgraded to In Line from Outperform at Evercore ISI, to Outperform from Top Pick at RBC Capital, to Neutral from Buy at B. Riley FBR, and to Neutral from Outperform at Macquarie. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/12/18
07/12/18
NO CHANGE

Fly Intel: Today's top analyst calls on Wall Street
Check out today's top analyst calls from around Wall Street, compiled by The Fly. UBS CUTS NETFLIX TO NEUTRAL: UBS analyst Eric Sheridan downgraded Netflix (NFLX) to Neutral while raising his price target for the shares to $425 from $375. The stock has appreciated 35% since the Q1 earnings report and 117% year-to-date, Sheridan told investors in a research note. The analyst said he believes the shares already reflect a 40 times GAAP EBITDA multiple on 2022 estimates. In addition to valuation, Sheridan does not see the "pronounced upside" to Monday's Q2 results relative to prior quarters. B RILEY FBR ALSO CAUTIOUS ON NETFLIX: Searches for new Netflix shows slowed to flattish versus the year-ago period, and year-over-year growth in global searches for the term "Netflix" also slowed somewhat, B. Riley FBR analyst Barton Crockett told investors in a research note. Amid heightened expectations, the analyst finds the flattish search volume as "potentially cautionary." The analyst reiterated a Neutral rating on Netflix with a $313 price target. After the cautious notes, Netflix is down almost 2% in late morning trading. GOLDMAN SACHS RAISES TWITTER TARGET: Goldman Sachs analyst Heath Terry raised his price target on Twitter (TWTR) to $55 and kept his Buy rating, saying that despite the run-up in the stock price year-to-date, consensus expectation on the company continue to underestimate its drive to increase and better monetize user engagement. The analyst contended that despite trading at a higher valuation on enterprise value to expected FY19 EBITDA, its growth rate justifies the premium. BROADCOM DOWNGRADED FOLLOWING CA DEAL: B. Riley FBR analyst Craig Ellis downgraded Broadcom (AVGO) to Neutral and lowered his price target for the shares to $245 from $308 following the company's acquisition of CA Technologies (CA). The deal adds strategic and operational uncertainty, Ellis tells investors in a research note. RBC Capital analyst Amit Daryanani also downgraded Broadcom, to Outperform from Top Pick, and lowered his price target to $300 from $330 after its acquisition of CA Technologies. The analyst noted that the deal places Broadcom "in the penalty box from a valuation expansion perspective", stating that while it offers "strong accretion" and provides a "foundation to perhaps scale its model beyond traditional semiconductor sector", it is also entering a market where it has limited history, likely tempering investor optimism on the stock going forward. Broadcom shares were also downgraded by analysts at Longbow, Macquarie and B. Riley FBR following last night's deal announcement.
07/12/18
RHCO
07/12/18
NO CHANGE
Target $63
RHCO
Buy
CA Technologies buyout could be positive for Okta, says SunTrust
SunTrust analyst Terry Tillman said Broadcom's (AVGO) acquisition of CA Technologies (CA) could present a potential disruption of the business and lead to incremental share gains by Okta (OKTA) in the multiple segments of identity and access management markets where the two compete. The distractions that come from a large buyout like this could drive share gains and billings activity for Okta "relatively quickly," Tillman tells investors. He reiterates a Buy rating and $63 price target on Okta shares.
CA CA Technologies
$44.15

0.97 (2.25%)

07/12/18
07/12/18
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. Johnson & Johnson (JNJ) upgraded to Neutral from Sell at Goldman Sachs with analyst Jami Rubin saying the stock is down 10% year-to-date and 15% from its recent all-time high of $148. 2. Hallmark Financial (HALL) upgraded to Outperform from Market Perform at Raymond James. 3. Transocean (RIG), Ensco (ESV), and Rowan Companies (RDC) were upgraded to Buy from Hold at Tudor Pickering. 4. Precision Drilling (PDS) and Nabors Industries (NBR) were upgraded to Overweight from Equal Weight at Morgan Stanley. 5. CA Technologies (CA) upgraded to Market Perform from Underperform at Wells Fargo and Bernstein. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/12/18
MKMP
07/12/18
NO CHANGE
Target $300
MKMP
Buy
MKM Partners questions Broadcom's purchase of 'low-growth' CA Technologies
MKM Partners analyst Ruben Roy keeps his Buy rating and $300 price target on Broadcom (AVGO) after its purchase of CA Technologies (CA) but questions the rationale for "adding a low growth software asset to the company's strong portfolio of semiconductor technologies". The analyst adds that while Broadcom has a history of execution in integrating acquisitions and meeting its longer-term financial targets, the deal raises questions over its evolving long-term strategy, which may limit the near-term upside in its stock price.

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VEC

Vectrus

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TALO

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STLD

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STLD

Steel Dynamics

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0.29 (0.72%)

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  • 18

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STLD

Steel Dynamics

$40.55

0.29 (0.72%)

18:01
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Steel Dynamics reports Q3 adjusted EPS $1.69, consensus $1.64 »

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CRTO

Criteo

$23.00

-0.29 (-1.25%)

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Rubicon Project

$3.77

-0.06 (-1.57%)

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Advertising technology firm DataXu exploring sale, WSJ says »

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$23.00

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Rubicon Project

$3.77

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FUEL

Rocket Fuel

$0.00

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GOOG

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$1,115.99

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FB

Facebook

$159.46

0.65 (0.41%)

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BTU

Peabody Energy

$36.09

-0.31 (-0.85%)

17:37
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Peabody Energy increases quarterly dividend nearly 4% to 13c per share »

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BDN

Brandywine Realty

$14.56

-0.11 (-0.75%)

17:34
10/17/18
10/17
17:34
10/17/18
17:34
Earnings
Brandywine Realty sees FY19 FFO $1.37-$1.47, consensus $1.44 »

Sees FY17 EPS 36c-46c,…

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  • 18

    Oct

BDN

Brandywine Realty

$14.56

-0.11 (-0.75%)

17:33
10/17/18
10/17
17:33
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Earnings
Brandywine Realty narrows FY18 FFO view to $1.36-$1.40 from $1.35-$1.41 »

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  • 18

    Oct

BDN

Brandywine Realty

$14.56

-0.11 (-0.75%)

17:32
10/17/18
10/17
17:32
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17:32
Earnings
Brandywine Realty reports Q3 FFO 35c, consensus 35c »

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  • 18

    Oct

BPRN

Bank of Princeton

$30.75

-0.16 (-0.52%)

17:32
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Bank of Princeton declares initial cash dividend of 3c per share »

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EBAY

eBay

$32.01

-0.25 (-0.77%)

, AMZN

Amazon.com

$1,832.81

14.81 (0.81%)

17:26
10/17/18
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Periodicals
eBay sues Amazon, claims sellers were illegally poached, WSJ says »

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EBAY

eBay

$32.01

-0.25 (-0.77%)

AMZN

Amazon.com

$1,832.81

14.81 (0.81%)

03/08/13
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  • 17

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OIS

Oil States

$29.77

-0.13 (-0.43%)

17:18
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Earnings
Oil States sees Q3 revenue at low end of $273M-$298M, consensus $288.81M »

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INTC

Intel

$45.90

-0.03 (-0.07%)

17:15
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Intel 'shakes up' manufacturing unit amid production missteps, Oregonian says »

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  • 22

    Oct

NOC

Northrop Grumman

$309.25

-2.87 (-0.92%)

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Northrop Grumman awarded $697.03M Navy contract »

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  • 24

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CCK

Crown Holdings

$47.64

-0.25 (-0.52%)

17:14
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Crown Holdings CEO says Q3 performance 'solid' »

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  • 18

    Oct

PETQ

PetIQ

$34.46

-1.17 (-3.28%)

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PetIQ announces strategic acquisition of HBH Enterprises »

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CCK

Crown Holdings

$47.64

-0.25 (-0.52%)

17:10
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Crown Holdings sees FY18 adjusted free cash flow approximately $625M »

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  • 18

    Oct

ZS

Zscaler

$37.95

-1.11 (-2.84%)

17:09
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Initiation
Zscaler initiated  »

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  • 17

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    Dec

CCK

Crown Holdings

$47.64

-0.25 (-0.52%)

17:08
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Breaking Hot Stocks news story on Crown Holdings »

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  • 18

    Oct

CCK

Crown Holdings

$47.64

-0.25 (-0.52%)

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Earnings
Breaking Earnings news story on Crown Holdings »

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  • 18

    Oct

SYMC

Symantec

$20.57

-0.085 (-0.41%)

17:07
10/17/18
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Initiation
Symantec initiated  »

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  • 22

    Oct

  • 06

    Dec

CCK

Crown Holdings

$47.64

-0.25 (-0.52%)

17:07
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  • 18

    Oct

SPY

SPDR S&P 500 ETF Trust

$280.41

0.18 (0.06%)

, SPX

S&P 500

$0.00

(0.00%)

17:07
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General news
U.S. Treasury: China continues to warrant placement on Monitoring List »

Says: "United States…

SPY

SPDR S&P 500 ETF Trust

$280.41

0.18 (0.06%)

SPX

S&P 500

$0.00

(0.00%)

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