Brean Capital Raises price Target on Broadcom Ltd. (AVGO); Expects Strong 3Q Results
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Brean Capital reiterated a Buy rating on Broadcom Limited (NASDAQ: AVGO), and raised the price target to $200.00 (from $190.00), ahead of the company's 3Q earnings report. Brean Capital is expecting revenues and EPS to be above Street expectations, largely driven by strength in the its Data Center, Networking and Wireless end markets.
Analyst Mike Burton commented, "Avago is scheduled to report its Jul-16Q on Thursday September 1st after the market close. We expect another strong quarter and guide from AVGO on both the revenue and EPS line as we believe the company’s efforts to position itself in some of the strongest and fast growing end markets in the semiconductor industry will play out in the current quarter and be reflected in the company’s guidance. We look to the Data Center/Networking and Wireless end markets to drive growth in the current quarter as the company is on products cycles in these markets. In the Oct-16Q, we expect continued momentum from its product cycles, in addition to having the tailwind of seasonality heading into the 2H 2016. Netting this out, we are sticking to our Buy rating and raising our target to $200 (from $190) off our increased earnings expectations and our view that the company is poised for above-average growth, has industry leading profitability, and has top quality management (not to mention its cheap valuation)."
Shares of Broadcom Limited closed at $177.16 yesterday.
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