Oppenheimer Holdings Reiterates Outperform Rating, $45 PT on Broadcom Corporation

In a report published Friday, Oppenheimer Holdings reiterated its Outperform rating and $45.00 price target on Broadcom Corporation

. Oppenheimer Holdings noted, “We attended BRCM's standing-room-only analyst day in San Jose yesterday. There was no further near-term news following Wednesday's 4Q positive update, but the tone was noticeably bullish. BRCM seems positioned to continue outperforming comms peers—in both infrastructure and mobile. Share gain and content expansion were the focus. Investment priorities for 2013 include integrated baseband/apps processor (AP) and connectivity/combo. BRCM plans to accelerate leading-edge process technology and match scale/growth. BRCM is positioned to continue share gains in wireless combo, make significant progress in LTE baseband/AP, capture incremental board space and gain share in multi-core. Maintain Outperform.” Broadcom Corporation closed on Thursday at $33.36.