Broadcom Ltd. (AVGO): Notes From Non Deal Roadhow - Mizuho
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Mizuho Securities analyst, Vijay Rakesh, reiterated his Outperform rating on shares of Broadcom Limited (NASDAQ: AVGO) after taking management on a Non Deal Roadshow..
AVGO continues to drive a solid RF roadmap, with strong GMs and clear visibility to 20% RF content CAGR driven by CA/802.11ax and a solid networking (~58% of revs) roadmap driven by order visibility with hyperscale/cloud demand.
The analyst stated "We believe 3-band CA, continued 4-5 band down and uplink CA adoption in the top phones position it for a 2-3 year 20% RF revenue CAGR. Also, next gen WiFi with 802.11ax (versus current .11ac) will be key to driving 3-5x bandwidth. We believe competition from QCOM+TDK or peers is much less material compared to 8" high performance integrated 9th gen FBAR multiplexing PADs from AVGO. We believe BAW competition is getting marginalized to the lower end markets which have higher pricing/margin pressure (noted at peer RF players)".
No change to the price target of $200.
Shares of Broadcom Limited closed at $165.24 yesterday.
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