Credit Suisse Reiterates Outperform, $45 Target on Broadcom

Credit Suisse maintains its Outperform rating and $45 target price on Broadcom (NASDAQ: BRCM) as it raises estimates on the stock to reflect share concerns not expected to actualize until 2013.

Credit Suisse says, “The key question: Can BRCM gain share in baseband before QCOM gains share in connectivity. For 2012, we believe BRCM will maintain its share in connectivity (especially rev/profit share) on AAPL and NOK (Win7 initial ramp) while making incremental gains in 3G. Beyond 2012 - it's prudent to believe that BRCM's 70%+ share in connectivity will come down, but we see significant positive offsets in wireless including market growth, LTE baseband, and apps processor.”

BRCM closed at $28.45 per share on Wednesday.