Oppenheimer Recaps After Broadcom's Analyst Day

Oppenheimer has published a research report on Broadcom Corporation (NASDAQ: BRCM) after attending the company's analyst day yesterday.In the report, Oppenheimer writes "On Tuesday, BRCM held a well-attended analyst day focusing on key products and end-markets, as well as management's efforts to drive earnings growth. After the close, BRCM also provided updated guidance for the Dec. qtr, indicating that revs would increase to $1.9B (+5% Q/Q), at the upper-end of prior guidance ($1.8-$1.9B). Product gross margins are expected to decrease slightly (vs. prior flat guidance), while opex is expected to be up an additional $25M vs. prior guidance. We anticipate a modestly positive bias to Street estimates, but given heightened expectations running into the analyst day, we look for only a muted reaction."Oppenheimer maintains its Perform rating on Broadcom Corporation, which closed yesterday at $44.98.