UPDATE: Cantor Fitzgerald Initiates Broadcom Corporation with Buy, $40 PT on Bullish Long-Term Trends

Cantor Fitzgerald initiates its coverage on Broadcom Corporation BRCM with a Buy rating and a price target of $40. Cantor Fitzgerald notes, "We are initiating coverage of BRCM with a BUY rating and $40 price target. Broadcom is a leading supplier of semiconductors for the worldwide communications market. Broadcom estimates that 99.98% of all internet traffic crosses at least one Broadcom chip, in the home, across the network, or in a mobile device. With its broad exposure to communications markets, Broadcom has a number of significant growth drivers, but also suffers from cyclicality in some markets. We are bullish on the long-term trends in wireless devices and are forecasting that Broadcom will show a 25% CAGR in its wireless connectivity and mobile baseband business." BRCM closed at $32.89 on Wednesday.