UPDATE: Jefferies Reiterates on Broadcom Corporation Following Solid 3Q EPS Beat, Weaker 4Q Outlook

In a report published Wednesday, Jefferies analyst Mark Lipacis reiterated a Buy rating on Broadcom Corporation BRCM, but lowered the price target from $34.00 to $32.00. In the report, Jefferies noted, “3Q EPS beat consensus by $0.07 due to better gross margins, higher revs and lower shares, but the outlook for 4Q revs missed the Street by 7%, which the company attributed to wireless inventories, 3G competition and weaker Broadband. We think sentiment improves with LTE, 5G WiFi and data center product ramps in early 2014. We'd use weakness as a particular buying opportunity.” Broadcom Corporation closed on Tuesday at $27.14.