NEW YORK (TheStreet) -- Broadcom (BRCM) shares are down -1.2% to $37.81 today after an anlayst at Cowen and Co. (COWN) reported that talks are progressing between Intel (INTC) and Apple (AAPL) for Intel to supply the tech company with basebands for its 2015 model iPhones.
Broadcom is looking to sell its own baseband unit and there had been rumors that Apple was interested in purchasing it.
Apple relies on Qualcomm (QCOM) to supply it with LTE baseband chips for its current iPhone.
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TheStreet Ratings team rates BROADCOM CORP as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate BROADCOM CORP (BRCM) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, good cash flow from operations, expanding profit margins and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income."