UPDATE: Deutsche Bank Raises PT to $45 on Broadcom; Q1 Beat

Deutsche Bank increases its price target from $40 to $45 on Buy-rated Broadcom

following better-than-expected Q1 results. Deutsche Bank notes, "BRCM delivered better than expected 1Q results and guided for solid 2Q growth. While the co's Mobile segment faces customer product transition headwinds in 2Q, we expect this dynamic to become a strong tailwind for BRCM in 2H12. Overall, BRCM has weathered both the recent downturn and the seasonally softer 1H better than we feared and appears poised to deliver significant growth in revs/EPS in 2H12/2013." BRCM closed at $36.72 on Tuesday.