UPDATE: Drexel Hamilton Initiates Coverage on Broadcom Corporation on Positive Market Outlook
In a report published Tuesday, Drexel Hamilton analyst Richard Whittington initiated coverage on Broadcom Corporation (NASDAQ: BRCM) with a Hold rating and $30.00 price target.
In the report, Drexel Hamilton noted, “Building upon the last year's LTE and automotive/industrial thrust, the year ahead looks to be driven by cloud build out, more powerful mobile implements, wireless base stations and initial roll out of mobile video networks. GE, Parker-Hannifin, Ingersoll-Rand, Honeywell and Schlumberger point to accelerating order growth, Europe and China joining the U.S. and emerging regions in purchases of tech-denominated industrial goods and autos. U.S. distributors held back during the budget face-off but lead indicators (ISMs, inventory-sales, durable goods orders, IATA traffic) were expansive going in, and Google says mobile ads are visibly heightening commerce in the real world. The internet relentlessly subsuming the Old Economy, the explosion in New Commerce shares this last year hearkens deafening technologic change built around solid state electronics, computing, communications and software.”
Broadcom Corporation closed on Monday at $27.16.
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