Oppenheimer Raises Price Target on Broadcom Ltd. (AVGO) to $200 Following 3Q
- Banks, telecoms lead Wall Street up; another Dow record
- Western Digital (WDC) Raises Q2 Outlook
- bluebird bio (BLUE) to Offer $200M of Common Stock
- Dave & Buster's Entertainment (PLAY) Tops Q3 EPS by 11c, Raises FY Revenue Guidance
- Deal Progress Said to Slow as Johnson & Johnson (JNJ) Puts Actelion (ALIOY) Under Microscope - Source
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.
Oppenheimer reiterated an Outperform 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 revenue of $3.80B, ahead of the consensus estimate of $3.76. EPS of $2.89 also bested consensus at $2.77.
Analyst Rick Schafer commented, "We are raising estimates and PT on AVGO following another beat/raise result. F3Q (July) revenue/EPS of $3.80B/$2.89 bested consensus $3.76B/$2.77. F4Q (Oct.) guidance of $4.10B also beat the Street's $4.05B forecast. Upside in Wireless driven by content gains in the iP7 easily offset supply constraints in Wired that are tempering the segment's growth NT. Below the line, AVGO is pulling all the right levers with GM/OM up 40bps/190bps respectively. We forecast AVGO to hit its 60%/40% target in F4Q with room for expansion in FY17 driving $15 of potential earnings power standalone. Mgmt continues to execute cost cuts and de-lever, with further upside possible via additional accretive M&A in 2017. We would remain LT buyers. Our target increases from $190 to $200."
Shares of Broadcom Limited closed at $177.09 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Stifel Downgrades PennTex Midstream Partners, LP (PTXP) to Hold
- Berenberg Upgrades Nucor (NUE) to Buy
- Stifel Boosts PT on Francesca's (FRAN) to $21; Notes Solid Start to Q4, Confident CEO Strategy
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
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!