Jefferies Maintains Buy Rating on Broadcom

According to Jefferies, Broadcom (NASDAQ: BRCM) Buy rating is maintained.

Jefferies said that BRCM upsided its previous guidance and made the case at its analyst day that its deep IP portfolio and integration capabilities uniquely position it to benefit from growth across a broad spectrum of comm end markets. “BRCM has underperformed the SOX by over 20% since 10/17/11 and is trading at 10x our 2012 EPS estimate - we think many have given up on the stock. We think its wireless success will continue to surprise on the upside.”

Broadcom closed yesterday at $28.45.