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UPDATE: Jefferies Lowers PT on Broadcom Following LTE Asset Acquisition from Renesas

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In a report published Thursday, Jefferies analyst Mark Lipacis reiterated a Buy rating on Broadcom Corporation (NASDAQ: BRCM), but lowered the price target from $38.00 to $34.00.

In the report, Jefferies noted, “The LTE asset acquisition from Renesas provides carrier-validated LTE modems and accelerates BRCM's entrance to the space. We view it as a positive as BRCM becomes a second source for LTE modems faster than expected. The acquisition is expected to close in early Q4 2013. We are lowering EPS by $0.02 for 2013 and $0.07 for 2014 as higher gross margins due to better mix are offset by higher OpEx associated with the acquisition. We are buyers of the stock.”

Broadcom Corporation closed on Wednesday at $25.18.

Latest Ratings for BRCM

DateFirmActionFromTo
Mar 2015Tigress FinancialDowngradesStrong BuyBuy
Mar 2015Canaccord GenuityDowngradesBuyHold
Feb 2015BarclaysMaintainsEqual-weight

View More Analyst Ratings for BRCM
View the Latest Analyst Ratings

Posted-In: Jefferies Mark LipacisAnalyst Color Price Target Analyst Ratings

 

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