UPDATE: Auriga Lowers PT on Broadcom to $40

Auriga is out with its report today on Broadcom (NASDAQ: BRCM), lowering its PT on BRCM from $44 to $40.

In its report, Auriga writes, "We maintain our Buy rating, but reduce our price target to $40 from $44 for Broadcom (BRCM), as we view the proposed NetLogic (NASDAQ: NETL) acquisition for $3.7bln as the right fit strategically, but view it as too expensive for the assets acquired."

Shares of BRCM closed Monday at $33.06, down 1.14% from Friday's close.