Baird Reiterates Outperform on Broadcom Ltd. (AVGO) Following Solid 3Q
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Baird reiterated an Outperform rating and $205.00 price target on Broadcom Limited (NASDAQ: AVGO) following the company's 3Q earnings report. AVGO reported non-GAAP EPS of $2.42, well above the consensus of $2.30. Revenues of $3,802 million was above the midpoint of the guidance range of $3,675-$3,825 million.
Analyst Tristan Gerra commented, "Reiterating our Outperform rating on secular growth drivers including increasing demand for Ethernet switching and routing products along with rising RF content, notably driven by data centers, smartphones, and IoT applications. Cost reduction targets remain on track, with Broadcom targeting 40+% operating margin existing F4Q16."
Shares of Broadcom Limited closed at $177.09 yesterday.
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