UPDATE: Cantor Fitzgerald Reiterates Buy Rating, Lowers PT on Broadcom Corporation

In a report published Wednesday, Cantor Fitzgerald reiterated its Buy rating on Broadcom Corporation

, but slightly lowered its price target from $40.00 to $39.00. Cantor Fitzgerald noted, “Broadcom reported a solid quarter with results better than our estimates and consensus. Revenue guidance calls for a q-q decline larger than 1Q:13 consensus (Bloomberg) with weakness in all segments and Wireless perhaps slightly weaker. We were disappointed by operating expense guidance and the lack of concrete details on the introduction of the company's LTE baseband chip, which tempers our enthusiasm on the shares. However, we believe the company is well positioned for both 802.11ac and NFC connectivity, which we believe will lead to out-performance later in the year. We are forecasting an upturn in Infrastructure later in the year and believe this may be the biggest risk to our thesis.” Broadcom Corporation closed on Tuesday at $33.71.