UPDATE: FBR Capital Markets & Co. Reiterates On Broadcom On Releasing The Cellular Albatross

In a report published Tuesday, FBR Capital Markets & Co. analyst Christopher Rolland reiterated an Outperform rating on

, and raised the price target from $35.00 to $39.00. In the report, FBR Capital Markets & Co. noted, “For companies involved in the competitive bloodbath that is cellular, ‘bad news' has started to become ‘good news,' as investors have begun to value the companies in their optimal structure. An example of this is NVDA, as the stock has risen while management has deemphasized its cellular investment. We believe Intel will eventually make a similar decision, although investors and Intel's management are not quite there yet.” Broadcom closed on Monday at $34.84.