FBR Capital Markets Reiterates Outperform Rating, $43 PT on Broadcom Corporation
In a report published Wednesday, FBR Capital Markets reiterated its Outperform rating and $43.00 price target on Broadcom Corporation (NASDAQ: BRCM).
FBR Capital noted, “BRCM shares could rally into the low $40s this year (macro dependent). We are constructive on BRCM given ramping baseband growth with Samsung and others, tailwinds in networking and with Apple in 2H12, and with valuation attractive at a 15x P/E (NTM, conservatively calculated). Beyond this, 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. BRCM is an FBR Top Pick given our view that shares are a core holding in the sector, and given the company's competitive advantages, product cycles, and strategic importance with customers.”
Broadcom Corporation closed on Tuesday at $36.92.
Latest Ratings for BRCM
|Jan 2016||Bernstein||Downgrades||Outperform||Market Perform|
|Oct 2015||B. Riley||Downgrades||Buy||Neutral|
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