UPDATE: Evercore Group Reiterates Overweight Rating, Raises PT on Broadcom Corporation Following Company Analyst Day

In a report published Wednesday, Evercore Group analyst Patrick Wang reiterated an Overweight rating on Broadcom Corporation BRCM, and raised the price target from $30.00 to $34.00. In the report, Evercore Group noted, “Coming from the Analyst Day, our thesis remains intact as management delivered on several fronts by (1) raising the 4Q13 outlook, (2) disclosing the Samsung LTE design win, and (3) accelerating key LTE milestones by about a quarter. Along with tight op-ex controls and relatively conservative LTE assumptions, our 2014 EPS goes from $2.15 to $2.25. We reiterate our OW rating and lift our 12mo PT from $30 to $34 – 15x '14 EPS.” Broadcom Corporation closed on Tuesday at $28.51.