UPDATE: Deutsche Bank Raises PT on Broadcom Following Analyst Meeting

In a report published Wednesday, Deutsche Bank analyst Ross Seymore reiterated a Buy rating on Broadcom Corporation BRCM, and raised the price target from $31.00 to $34.00. In the report, Deutsche Bank noted, “BRCM's analyst meeting focused on the co's strategy to take its successful platform-driven approach in Broadband/Networking and apply it to Mobile. We are encouraged with the co's LTE initial traction (showed Samsung LTE design win; pulled roadmap ahead by a qtr), but continue to believe ‘hero-phone' wins will eventually be necessary to economically justify the high level of investment. Overall, we continue to view BRCM as undervalued given its solid core biz and the optionality in Mobile. Maintain Buy.” Broadcom Corporation closed on Tuesday at $28.51.