Brean Capital Raises price Target on Broadcom Ltd. (AVGO); Expects Strong 3Q Results
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Union Pacific (UNP) PT Raised to $102 at Stifel Following 4Q Report
- Instinet (Nomura) Downgrades Silicon Motion Technology (SIMO) to Neutral
- JPMorgan Cuts Teva Pharma (TEVA) to Neutral Amid Challenging Generic Environment
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesEarnings, Brean Capital
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!