Barclays Lowers Second Half Outlook on Broadcom (BRCM), But Positive Story Still Intact

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Barclays maintains an 'Overweight' on Broadcom (NASDAQ: BRCM) price target of $42.00 (from $45.00)

Analyst, C.J. Muse, said, "...we still see a solid 2H for Broadcom led by Apple (Nasdaq: APPL)/Samsung exposure, strength from 3G/LTE/WiFi only devices, gains in cellular at Samsung, and improving ASPs on 40nm combo chip transition, as well as gradual uplift in Broadband/ Infrastructure."

Muse tweaks FY12 EPS estimate from $3.05 to $2.95 and FY13 from $3.35 to $3.15, citing the more modest expectations for handset growth. All in, he feels BRCM is one of the best at integrating silicon and remains very well levered to the top handset makers AAPL & Samsung.

For an analyst ratings summary and ratings history on Broadcom click here. For more ratings news on Broadcom click here.

Shares of Broadcom closed at $32.30 yesterday, with a 52 week range of $27.59-$39.66.

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