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Broadcom -1.2% as Cowen moves to sidelines

Feb. 21, 2019 6:41 PM ETBroadcom Inc. (AVGO) StockAVGOBy: Jason Aycock, SA News Editor26 Comments
  • 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.

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