Broadcom (NASDAQ:AVGO) Earns “Buy” Rating from Mizuho

Share on StockTwits

Broadcom (NASDAQ:AVGO)‘s stock had its “buy” rating reiterated by stock analysts at Mizuho in a report issued on Friday, September 7th. They currently have a $280.00 price objective on the semiconductor manufacturer’s stock. Mizuho’s price target would suggest a potential upside of 18.47% from the stock’s previous close.

The analysts wrote, “We believe investors should be taking a second look at AVGO. AVGO has underperformed the SOX but provides an attractive opportunity with a dominant market share, and a significant earnings and FCF machine AVGO reported an upside JulQ with 67.3% non-GAAP and guided to a stronger OctQ. With ~$6B in buybacks remaining, $8B+ of FCF, and a ~3%+ dividend yield, we believe AVGO is well positioned as it trades at <11x our conservative F19E EPS. Adjusting our estimates, reiterating our Buy and $280 PT."”

Other equities analysts have also recently issued reports about the company. DA Davidson reduced their target price on Broadcom to $300.00 and set a “positive” rating on the stock in a research note on Thursday, May 10th. Longbow Research downgraded Broadcom from a “buy” rating to a “neutral” rating in a report on Thursday, July 12th. BidaskClub downgraded Broadcom from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 28th. B. Riley downgraded Broadcom from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $308.00 to $245.00 in a report on Thursday, July 12th. Finally, BMO Capital Markets downgraded Broadcom from an “outperform” rating to a “market perform” rating and set a $230.00 target price on the stock. in a report on Friday, July 13th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and twenty-eight have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $288.56.

Broadcom stock traded up $0.92 during trading hours on Friday, reaching $236.34. The company had a trading volume of 2,790,063 shares, compared to its average volume of 3,882,035. The company has a debt-to-equity ratio of 0.64, a current ratio of 3.98 and a quick ratio of 3.42. The stock has a market capitalization of $99.24 billion, a P/E ratio of 13.03, a price-to-earnings-growth ratio of 0.95 and a beta of 0.94. Broadcom has a 12-month low of $197.46 and a 12-month high of $285.68.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, September 6th. The semiconductor manufacturer reported $4.98 EPS for the quarter, topping the Zacks’ consensus estimate of $4.82 by $0.16. Broadcom had a return on equity of 28.54% and a net margin of 58.18%. The business had revenue of $5.06 billion for the quarter, compared to analysts’ expectations of $5.06 billion. During the same period in the previous year, the firm earned $4.10 EPS. The business’s quarterly revenue was up 13.4% on a year-over-year basis. sell-side analysts expect that Broadcom will post 18.09 earnings per share for the current fiscal year.

In other news, SVP Bryan Ingram sold 20,000 shares of the stock in a transaction that occurred on Wednesday, July 11th. The stock was sold at an average price of $245.62, for a total value of $4,912,400.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders sold a total of 80,000 shares of company stock valued at $18,078,200 over the last ninety days. Corporate insiders own 3.30% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of AVGO. Massey Quick Simon & CO. LLC purchased a new stake in shares of Broadcom in the second quarter worth approximately $104,000. Zions Bancorporation purchased a new position in Broadcom during the 2nd quarter worth $109,000. MUFG Americas Holdings Corp purchased a new position in Broadcom during the 2nd quarter worth $109,000. MUFG Securities EMEA plc purchased a new position in Broadcom during the 2nd quarter worth $117,000. Finally, First Personal Financial Services purchased a new position in Broadcom during the 2nd quarter worth $126,000. Hedge funds and other institutional investors own 84.35% of the company’s stock.

Broadcom Company Profile

Broadcom Inc designs, develops, and supplies a range of semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

See Also: How is a Moving Average Calculated?

Analyst Recommendations for Broadcom (NASDAQ:AVGO)

Receive News & Ratings for Broadcom Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Broadcom and related companies with MarketBeat.com's FREE daily email newsletter.

 


Latest News

Yu Darvish Receives Cortisone Shot for Elbow Impingement
Yu Darvish Receives Cortisone Shot for Elbow Impingement
Red Sox and Brandon Phillips Agree to Minor League Deal
Red Sox and Brandon Phillips Agree to Minor League Deal
Chris Sale Proves He is 2018 AL Cy Young Candidate
Chris Sale Proves He is 2018 AL Cy Young Candidate
Strong Results by Clint Frazier Could Keep Him with Yankees
Strong Results by Clint Frazier Could Keep Him with Yankees
Giants Closer Breaks Hand Punching Door Following Poor Outing
Giants Closer Breaks Hand Punching Door Following Poor Outing
Evan Longoria Out Six to Eight Weeks With Broken Hand
Evan Longoria Out Six to Eight Weeks With Broken Hand


Leave a Reply

 
© 2006-2018 BBNS.