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Broadcom Inc AVGO

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Morningstar’s Analysis

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Broadcom’s Diverse Portfolio Enables Solid Q3 and Even Better Q4 Outlook; Raising FVE to $320

Abhinav Davuluri, CFA Sector Strategist

Analyst Note

| Abhinav Davuluri, CFA |

Broadcom reported solid third-quarter results with revenue above the midpoint of management’s guidance, with healthy networking demand offset by weakness in wireless. The firm’s product portfolio is well tailored to address the work-from-home environment and is set to enjoy strong share gains with the upcoming launch of Apple’s 5G iPhones. We remain positive on Broadcom’s networking, storage, and broadband business units, and we applaud the firm’s commitment to maintaining its dividend and improving its liquidity amidst high debt levels. 

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Company Profile

Business Description

Broadcom--the combined entity of Broadcom and Avago--boasts a highly diverse product portfolio across an array of end markets. Avago focused primarily on radio frequency filters and amplifiers used in high-end smartphones, such as the Apple iPhone and Samsung Galaxy devices, in addition to an assortment of solutions for wired infrastructure, enterprise storage, and industrial end markets. Legacy Broadcom targeted networking semiconductors, such as switch and physical layer chips, broadband products (such as television set-top box processors), and connectivity chips that handle standards such as Wi-Fi and Bluetooth. The company has acquired Brocade, CA Technologies, and Symantec's enterprise security business to bolster its offerings in infrastructure software and security.

1320 Ridder Park Drive
San Jose, CA, 95131-2313
T +1 408 433-8000
Sector Technology
Industry Semiconductors
Most Recent Earnings Jul 31, 2020
Fiscal Year End Nov 3, 2020
Stock Type High Yield
Employees 19,000