MRVL - Broadcom - Still Undervalued Still Seeing Growth Opps And Still Somewhat Controversial

• Broadcom posted basically in-line results for the semiconductor business, but management sounded more confident on improving networking, storage, broadband, and wireless demand.
• The M&A strategy remains a source of controversy with the reports of a failed bid for SAS effectively reconfirming that Broadcom's strategy is focused on margins and cash flow more than growth.
• Broadcom shares remain undervalued, particularly in consideration of the exceptional margins, and well worth consideration despite some concerns about growth.

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