Wells Fargo Starts Broadcom Limited (AVGO) at Market Perform
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Wells Fargo initiates coverage on Broadcom Limited (NASDAQ: AVGO) with a Market Perform rating and $150-$180 valuation range.
Analyst David Wong commented, "We have initiated coverage of Broadcom Limited (AVGO) with a Market Perform rating and a valuation range of $150-180. We think that the company has many strengths, including clearly demonstrated expertise in making large accretive acquisitions, broad end markets and product lines, and some differentiated technology capabilities. However, we question whether an active acquisition strategy is sustainable for a company of Broadcom’s size. In our view, valuation is moderate to high for Broadcom Ltd.’s stock, which suggests to us that the many positives of the company are already reflected in its stock price. Our 2016E and 2017E EPS estimates are ($0.78) and $1.47, respectively."
Shares of Broadcom Limited closed at $169.05 yesterday.
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