... Inc. has successfully integrated and managed several acquisitions over the years that resulted in a diverse portfolio of semiconductor offerings used in the cloud, data centers and mobile markets. While the company has displayed the ability to deleverage quickly, we view Broadcom's financial policy framework and acquisition targets to be less predictable than those of its peers. For fiscal 2019, the company has a dividend target of 50% of prior year free cash flow, and an additional $8 billion of stock buybacks. This would exceed our projection for the company's free cash flow this year. Consequently, Broadcom will use cash on hand and is unlikely to significantly reduce its debt load. Muted impact from exposure to wireless. The chips from the wireless segment, which contributes about 25% of total revenue, are responsible for smartphones' ability to operate on today's complex multiband spectrum, and ensure optimal Wi-Fi, Bluetooth, and GPS...
