UPDATE: FBR Raises Broadcom's PT

According to a research report published this morning, FBR has increased Broadcom's

PT from $42 to $43. In the report, FBR said, "BRCM is an FBR Top Pick, given that we believe shares are a core holding in the sector and given Broadcom's competitive advantages, product cycles, and strategic importance with customers. We maintain our Outperform rating, and raise our financial estimates slightly and our PT from $42 to $43, based on a constant 22x target P/E multiple (2012 including stock compensation and excluding Qualcomm royalties), seemingly appropriate given Broadcom's growth and margin profile." Broadcom closed yesterday at $36.71.