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Fly News Breaks for October 11, 2017
Oct 11, 2017 | 09:56 EDT
After Broadcom (AVGO) announced last night that the German Federal Patent Court issued a preliminary opinion that all claims of a patent asserted against Broadcom in Germany by Invensas, an affiliate of Xperi (XPER), should be null and void, Sidoti analyst Matthew Galinko argued the investor concern over the news is overblown. Galinko noted the German court's decision isn't final, adding that a final determination in the "more material" ITC case is due in December. The analyst, who views Xperi shares as undervalued, maintains a Buy rating and $57 price target on the stock, which is down 12.6% to $23 in early trading.
News For XPER;AVGO From the Last 2 Days
Oct 19, 2017 | 08:23 EDT
Morgan Stanley analyst Craig Hettenbach noted that Broadcom has been a meaningful laggard recently compared to the semiconductor group. Historically, extended periods of consolidation in the stock have provided excellent buying opportunities, which he believes will be the case again this time. Hettenbach sees an attractive risk/reward in the stock, with potential downside of around 5% to $230 and upside of 20% to his price target of $290. He keeps an Overweight rating on Broadcom shares.
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