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AVGO

Broadcom

$209.91

-19.84 (-8.64%)

, CA

CA Technologies

$44.15

0.97 (2.25%)

07:08
07/13/18
07/13
07:08
07/13/18
07:08

Broadcom downgraded to Market Perform at BMO Capital after CA acquisition

As reported earlier, BMO Capital analyst Ambrish Srivastava downgraded Broadcom (AVGO) to Market Perform from Outperform and slashed his price target to $230 from $345. The analyst points to its decision to acquire CA Technologies (CA), a company with half of its business in decline, being "so far out of the company's core competency and inconsistent with the company's recent messaging, that it raises more questions than answers". Srivastava adds that while Broadcom has a decent history of "acquiring underperforming semi assets, aggressively cutting costs, and integrating the acquisitions", he says it would be "presumptuous" to expect a repeat of that pattern in software given CA's declining mainframe business.

AVGO

Broadcom

$209.91

-19.84 (-8.64%)

CA

CA Technologies

$44.15

0.97 (2.25%)

AVGO Broadcom
$209.91

-19.84 (-8.64%)

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.
07/13/18
BMOC
07/13/18
DOWNGRADE
BMOC
Market Perform
Broadcom downgraded to Market Perform from Outperform at BMO Capital
CA CA Technologies
$44.15

0.97 (2.25%)

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.
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.

TODAY'S FREE FLY STORIES

MSFT

Microsoft

$105.56

0.14 (0.13%)

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LPG

Dorian LPG

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  • 01

    Oct

$NSD

NASDAQ Market Internals

$0.00

(0.00%)

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$NYE

NYSE Market Internals

$0.00

(0.00%)

10:16
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10:15
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FX Action: USD-CAD »

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NFLX

Netflix

$399.49

3.57 (0.90%)

, PH

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$157.79

-3.79 (-2.35%)

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Initiation
On The Fly: Top five analyst initiations »

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NFLX

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3.57 (0.90%)

PH

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ROK

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FDX

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-2.2 (-0.94%)

HAS

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-2.365 (-2.45%)

XON

Intrexon

$14.90

-0.48 (-3.12%)

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NFLX

Netflix

$399.49

3.57 (0.90%)

, PH

Parker-Hannifin

$157.79

-3.79 (-2.35%)

10:14
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Downgrade
On The Fly: Top five analyst downgrades »

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NFLX

Netflix

$399.49

3.57 (0.90%)

PH

Parker-Hannifin

$157.79

-3.79 (-2.35%)

ROK

Rockwell Automation

$168.02

-3.1 (-1.81%)

FDX

FedEx

$231.55

-2.2 (-0.94%)

HAS

Hasbro

$94.14

-2.365 (-2.45%)

XON

Intrexon

$14.90

-0.48 (-3.12%)

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WFC

Wells Fargo

$56.39

1.04 (1.88%)

, VFC

VF Corp.

$87.64

2.8 (3.30%)

10:14
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Upgrade
On The Fly: Top five analyst upgrades »

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WFC

Wells Fargo

$56.39

1.04 (1.88%)

VFC

VF Corp.

$87.64

2.8 (3.30%)

UPS

UPS

$111.28

2.3 (2.11%)

ALV

Autoliv

$106.19

0.46 (0.44%)

SAR

Saratoga Investment

$24.31

-0.32 (-1.30%)

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BAC

Bank of America

$29.10

0.565 (1.98%)

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Bank of America reports June default rate 2.66% vs. 2.98% last month »

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  • 16

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RDY

Dr. Reddy's

$30.40

-2.86 (-8.60%)

10:13
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Technical Analysis
Technical Take: Dr. Reddy's falls after injunction against Suboxone generic »

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GOGO

Gogo

$3.86

-0.17 (-4.22%)

10:10
07/16/18
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Gogo analyst commentary  »

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FOXA

21st Century Fox

$46.67

-0.885 (-1.86%)

10:10
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Options
Repeat of bullish three-way spreads in 21st Century Fox »

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  • 27

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General news
U.S. business inventories rose 04% in May, with sales up 1.4%, as forecast »

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CNXN

Connection

$34.08

(0.00%)

10:03
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10:03
Downgrade
Connection rating change  »

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TSLA

Tesla

$308.63

-10.17 (-3.19%)

10:01
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10:01
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Business Inventories data reported »

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SBH

Sally Beauty

$15.59

-0.78 (-4.76%)

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  • 11

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ADS

Alliance Data

$229.04

-14.45 (-5.93%)

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  • 19

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RDY

Dr. Reddy's

$30.50

-2.76 (-8.30%)

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DWT

Britannia Bulk

$7.20

0.39 (5.73%)

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QEP

QEP Resources

$12.34

-0.42 (-3.29%)

10:00
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Options
3K Qep Resources Aug 13 - 14 call spreads bought for 33c »

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DB

Deutsche Bank

$12.11

0.865 (7.70%)

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ARNC

Arconic

$19.17

1.78 (10.24%)

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