Market Overview

UPDATE: Deutsche Bank Lowers PT on Broadcom Following Renesas Assets Acquisition Announcement

Related BRCM
10 S&P 500 Companies With Green Operations
PayPal Finds Another ETF Home, Will Join QQQ
Weekly Wrap-Up Market Forecast Sector Watch SPX Nasdaq XRT BTK FAS SOXX BRCM AVGO SWKS QRVO AAPL CELG AMGN BIIB GILD AMZN BABA PCLN (Marketfy Insights)

In a report published Thursday, Deutsche Bank analyst Greg Poole reiterated a Buy rating on Broadcom Corporation (NASDAQ: BRCM), but lowered the price target from $36.00 to $35.00.

In the report, Deutsche Bank noted, “LTE assets acquired. BRCM announced it would be acquiring LTE-related assets from Renesas with the co expecting this deal to accelerate availability of its first multimode, carrier-validated LTE SoC platform into early 2014 from prior expectation of 2H14. We view this move as an incremental positive as it somewhat weakens one of the primary tenants of the bear thesis (BRCM can't do LTE), but we also expect investors to correctly question the value of BRCM's internal LTE development to date. Overall, we retain our Buy rating as BRCM's valuation is compelling even ignoring the Wireless segment and look forward to learning more about this deal when BRCM's CFO attends the DB Tech Conf next week.”

Broadcom Corporation closed on Wednesday at $25.92.

Latest Ratings for BRCM

Oct 2015B. RileyDowngradesBuyNeutral
Aug 2015WedbushDowngradesOutperformNeutral
Aug 2015Canaccord GenuityMaintainsHold

View More Analyst Ratings for BRCM
View the Latest Analyst Ratings

Posted-In: Deutsche Bank Greg PooleAnalyst Color Price Target Analyst Ratings


Related Articles (BRCM)

Get Benzinga's Newsletters