We see attractive entry points for some wide-moat chipmakers.
Most major segments (aside from wireless) exhibited solid year-over-year growth, illustrating the company's breadth of offerings.
For the first time in years, the narrow-moat firm's revenue range fell below consensus estimates.
The iPhone X, 8 and 8 plus pushed average selling price up an impressive 20% in the quarter, but we think investors should wait for a more attractive entry point.
With the recent sell-off, we think Intel offers a compelling investment opportunity.
The deal to acquire CA Technologies doesn't have any clear synergies, but the premium Broadcom is paying is modest for a tech merger.
Switching costs are strong, but not necessarily getting stronger.
We're maintaining our fair value estimate and wide moat rating for the chip titan and view shares as undervalued.
We modestly increased our fair value estimate due to superior near-term expectations, but shares are materially overvalued.