UPDATE: Wedbush Securities Reduces PT to $39 on Broadcom on Mute Outlook

Wedbush Securities reiterated its Outperform rating on Broadcom BRCM but reduced its price target from $41 to $39. Wedbush Securities commented, "We expect a modest beat, but like peers, look for macro uncertainties and limited visibility to push Q4 guidance below Street estimates. We wouldn't be surprised to see shares being pressured lower on a muted outlook and would view this as a buying opportunity. BRCM remains one of our top defensive plays in an especially tough semi tape as we believe it is (1) levered to the mobile market with considerable market share (75+%) in connectivity chips, (2) a solid derivative play to Apple, and (3) end-toend solutions in 10Gigabit and KBPs will benefit when wireline/wireless infrastructure growth resumes." Broadcom closed at $33.33 on Friday.