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The Zacks Analyst Blog Highlights: Home Depot, AbbVie, Broadcom, 3M and Morgan Stanley

Zacks Equity Research
·5 mins read

For Immediate Release

Chicago, IL – August 14, 2020 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: The Home Depot, Inc. HD, AbbVie Inc. ABBV, Broadcom Inc. AVGO, 3M Company MMM and Morgan Stanley MS.

Here are highlights from Thursday’s Analyst Blog:

Top Analyst Reports for Home Depot, AbbVie and Broadcom

The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including The Home Depot, AbbVie and Broadcom. These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.

You can see all of today’s research reports here >>>

Home Depot shares have modestly outperformed the Zacks Retail Building Products industry year to date (+28.9% vs. +28.5%). The Zacks analyst believes that Home Depot’s interconnected retail strategy and underlying technology infrastructure have been more relevant amid the coronavirus crisis, delivering record web traffic for weeks without disruption.

The company quickly adapted to consumer needs providing contactless curbside pickup and other fulfillment services, adhering to the safety protocols. This helped boost comps performance across stores.

However, the bottom-line results reflected the impacts of higher costs to steer through the environment, particularly enhanced benefits to associates. Moreover, the company suspended its previously outlined guidance for fiscal 2020, citing the unprecedented impacts of the pandemic.

(You can read the full research report on Home Depot here >>>)

Shares of AbbVie have gained +1.7% over the past six months against the Zacks Large-Cap Pharmaceuticals industry’s rise of +1.6%. The Zacks analyst believes that sales erosion due to direct biosimilar competition to Humira in international markets is a big headwind. Also, the decline in HCV drug Mavyret’s sales is a concern.

AbbVie beat Q2 estimates for earnings and sales. AbbVie’s key drug, Humira, continues to see strong demand trends in the United States. AbbVie has been successful in expanding labels of its cancer drugs, Imbruvica and Venclexta. It has an impressive late-stage pipeline.

It gained approvals for two new drugs with significant potential, Skyrizi and Rinvoq, in 2019. Both are off to a strong start. Allergan’s acquisition has diversified AbbVie’s revenue base into new therapeutic areas, enhancing its long-term growth potential.

(You can read the full research report on AbbVie here >>>)

Broadcom shares have gained +25.2% over the past three months against the Zacks Electronics - Semiconductors industry’s rise of +32.3%. The Zacks analyst believes that Broadcom is expected to benefit from robust adoption of Wi-Fi 6 in access gateway, and solid uptick of DSL and PON products.

Further, synergies from acquisitions of CA and Symantec’s enterprise security business are anticipated to bolster the company’s presence in the infrastructure software vertical. It is also well poised to address the needs of rapidly growing technologies like IoT and 5G, backed by an expanding product portfolio.

However, increasing lead times remains an overhang. The company estimates semiconductor revenues in the wireless domain to decline in fiscal third quarter as its “large North American mobile phone customer,” likely indicating Apple, delays the ramp of next-generation smartphones. Also, a highly leveraged balance sheet adds to the woes.

(You can read the full research report on Broadcom here >>>)

Other noteworthy reports we are featuring today include 3M and Morgan Stanley.

These Stocks Are Poised to Soar Past the Pandemic

The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.

Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.

See the 5 high-tech stocks now>>

Media Contact

Zacks Investment Research

800-767-3771 ext. 9339

support@zacks.com                                      

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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performancefor information about the performance numbers displayed in this press release.


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The Home Depot, Inc. (HD) : Free Stock Analysis Report
 
3M Company (MMM) : Free Stock Analysis Report
 
Morgan Stanley (MS) : Free Stock Analysis Report
 
Broadcom Inc. (AVGO) : Free Stock Analysis Report
 
AbbVie Inc. (ABBV) : Free Stock Analysis Report
 
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