UPDATE: Piper Jaffray Initiates Broadcom Corporation at Overweight on Investment Payout

Piper Jaffray initiated coverage on Broadcom Corporation

with an Overweight rating and a $50.00 price target. Piper Jaffray said, "We believe Broadcom is particularly well positioned ahead of a number of strong product cycles that will drive communication semiconductor demand. In addition, the company is poised to grow its market share in mobile with its new LTE and other platforms that will likely drive content higher. We believe Apple will be a lead customer for the recently announced LTE baseband, though revenue would be a 2014 event. We think BRCM's large R&D investments of the past few years, market leadership in a wide range of communication markets and increasing content per unit is going to start to drive top line growth and financial leverage." Broadcom Corporation closed at $34.34 on Thursday.