Mizuho Securities Raises Price Target on Broadcom Ltd. (AVGO) Following Solid 3Q Results
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Mizuho Securities reiterated a Buy rating on Broadcom Limited (NASDAQ: AVGO), and raised the price target to $200.00 (from $190.00), following the company's 3Q earnings report. AVGO reported revenues of $3.8B, ahead of the Street's $3.76B. EPS came in at 2.89 versus consensus' $2.77.
Analyst Vijay Rakesh commented, "AVGO reported a solid JulQ Rev/EPS at $3.8B/$2.89 (consensus $3.7B/$2.77) and guided to a stronger, above-consensus OctQ. The wireless segment was up ~27% q/q, and was guided up 30% q/q into OctQ. AVGO noted stronger 2H datacenter orders and HDD/SSD strength into 2H. Wireless was MUCH stronger than peers and could point to share gains, while storage was stronger (positive for WDC) as were datacenter orders (positive for INTC). Reiterating our Buy, raising our estimates, while our PT goes to $200."
Shares of Broadcom Limited closed at $177.09 yesterday.
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