UPDATE: FBR Raises Broadcom's PT from $41 to $42

According to a recent research report, FBR increased Broadcom Corporation's (NASDAQ: BRCM) PT from $41 to $42 based on a constant 22x target P/E multiple.

In the report, FBR comments, “Tuesday, Broadcom reported slight upside to 4Q11 financial results and 1Q12 revenue guidance as the firm demonstrates another cycle of fundamental outperformance versus most peers. While Broadcom's revenues fell 7% QOQ in 4Q11, the firm likely saw a two-point headwind from discontinued (and low-margin) DTV and Blu-ray business and another point from legacy 2G cellular declines.”

FBR maintains its Outperform rating on Broadcom, which closed yesterday at $34.35.