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

In a report published Thursday, Deutsche Bank analyst Greg Poole reiterated a Buy rating on

, 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.