UPDATE: ISI Group Reiterates Buy Rating, Raises PT on Broadcom Corporation

In a report published Monday, ISI Group reiterated its Buy rating on Broadcom Corporation BRCM, and slightly raised its price target from $43.00 to $44.00. ISI Group noted, “While our current assessment for connectivity is based largely on the near term trajectory for smartphone units, we think Broadcom could also benefit from additional content increase (iPhone 5) and market share (Kindle Fire HD) gains in 2H12. Longer term, we believe both connectivity products and cellular basebands could benefit from improvements in ASPs starting 1H13 based on the adoption of next generation WiFi products (802.11ac) and more powerful integrated basebands/apps processors respectively. Each represents an incremental benefit that has yet to be factored into our numbers or the Street's, in our view.” Broadcom Corporation closed on Friday at $36.30.