FBR Capital Markets Reiterates Outperform Rating, $43 PT on Broadcom
In a report published Monday, FBR Capital markets reiterated its Outperform rating and $43.00 price target on Broadcom Corporation (NASDAQ: BRCM).
FBR noted, “We think BRCM shares can rally into the low $40s later this year (macro dependent). We are constructive on BRCM at current prices given ramping baseband traction with Samsung and others (especially in dual-SIMM android feature smartphones), headwinds converting to tailwinds in networking and with Apple in 2H12, and with valuation attractive at a 13x P/E (2013, conservatively calculated). Beyond the near term, we think Broadcom is positioned to someday be the second-largest baseband supplier behind Qualcomm, with the 3G/4G baseband market likely coalescing around Qualcomm, Broadcom, Intel, and potentially ST-Ericsson.”
Broadcom Corporation closed on Friday at $31.02.
Latest Ratings for BRCM
|Apr 2015||Deutsche Bank||Maintains||Buy|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.