UPDATE: Wedbush Raises PT to $41 on Broadcom Following Analyst Day

Wedbush reiterated its Outperform rating on Broadcom (NASDAQ: BRCM) and raised its price target from $39 to $41.

Wedbush commented, "BRCM highlighted its strong market position driven by powerful scale and footprint across its end markets and leadership from relentless execution. BRCM noted it is focused on the growing demand for communications with new technologies in each end market such as 5G WiFi and NFC in mobile, 4K x 2K and DOCSIS 3.1 in home, and 40G/100G and multi-core in infrastructure. BRCM also noted that it continues to utilize M&A and R&D to expand its footprint and is managing its portfolio by end market positioning home for profitable growth, expanding infrastructure SAM with new products, and investing in mobile to win."

Broadcom closed at $33.36 on Thursday.

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.