How Apple Signaled A Strong Quarter For Broadcom
- Given Apple's dominant performance Wednesday, during which it sold 43 million iPhones, I have to suspect some incremental benefits to Broadcom, which has had an extensive relationship with Apple.
- At around $30 per share, I believe Broadcom offers compelling value and minimal downside risk.
- The stock remains inexpensive on an absolute basis at 11-times forward consensus earnings. This is a slight discount to the historical average of 13 times estimates.