Broadcom Ltd. (AVGO): Don't Sweat The Samsung Note 7 Recall - RBC
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RBC Capital analyst, Amit Daryanani, reiterated his Outperform rating on shares of Broadcom Limited (NASDAQ: AVGO) despite Samsung being a large customer and the Note 7 recall is creating fear within the investing community.
The analyst believes that the revenue/EPS impact to the model should be negligible near-term. The long-term the picture is more unclear but from a stock perspective, the analyst thinks AVGO stock should inflect higher due to: sustained wireless tailwinds (FBAR content), wired stability with potential for acceleration in CY17, FCF uptick as the model stabilizes post BRCM and enhanced dividend payments.
No change to the price target of $190.
Shares of Broadcom Limited closed at $170.09 yesterday.
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