Broadcom (AVGO) PT Raised to $200 at Nomura
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Wedbush Raises Price Target on Citizens Financial Group (CFG) Following 3Q EPS Beat
- UPDATE: Seaport Global Securities Starts Union Pacific (UNP) at Buy
- Needham & Company Raises Price Target on II-VI, Inc. (IIVI) Ahead of 1Q Release
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesStandard & Poor's, Nomura, Earnings
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!