Broadcom (AVGO) PT Raised to $200 at Nomura
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Nomura Securities analyst Romit Shah reiterated a Buy rating and boosted estimates and his price target on Broadcom Limited (NASDAQ: AVGO) to $200.00 (from $180.00).
Shah commented, "The price action in Broadcom since reporting FQ3 earnings on Sept 1st stands out as an anomaly. AVGO closed down post print; the first time in more than two years. The stock is currently down 4% since reporting, versus the SOX and S&P 500, which are down 3% and 2%, respectively. Most investors we 've spoken to believe that results were strong, expectations just got out of hand. We don't disagree that expectations were high going into earnings. But after digging deeper into FQ3 results, we believe earnings were not as strong as investors perceive."
The firm raised FY16E EPS from $9.82 to $10.37; FY17E EPS from$11.93 to $12.13.
Shares of Broadcom Limited closed at $169.61 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesStandard & Poor's, Nomura, Earnings
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