- Broadcom (NASDAQ:AVGO) is 1.2% lower in after-hours trade after Cowen took its Outperform rating off the stock, pointing to valuation gains against macro headwinds ahead.
- The firm downgraded Broadcom to Market Perform, noting earnings setup looks tough with more than 50% of the company's wireless business tied to Apple while wired and storage segments have heavy exposure to hyperscale cloud spending. Those are markets that are all warning of a difficult December and Q1, Matt Ramsay writes. (h/t Bloomberg)
- Broadcom is up 10.5% YTD, and has gained 35.9% in the past six months, contributing to Cowen's new take on its fair value.