UPDATE: Stifel Nicolaus Lowers PT to $45 on Broadcom on Higher OpEx

Stifel Nicolaus reiterated its Buy rating on Broadcom

but reduced its price target from $49 to $45. Stifel Nicolaus noted, "Broadcom continues to outperform its peers with strength coming from all three of its market sectors: set top box, handsets and communications infrastructure. Per management's strategy during weak macro-economic periods, Broadcom may be taking market share at the cost of some gross margin. Longer term, we believe the company is well positioned for growth in all three of its market segments as macro-economic issues improve worldwide. We maintain our Buy rating though lowering our 2013 estimates mainly on higher OpEx than previously estimated." Broadcom closed at $33.36 on Tuesday.