UBS Reiterates Buy Rating on Broadcom (BRCM)
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UBS reiterated a Buy rating and $205.00 price target on Broadcom (NASDAQ: BRCM). Broadcom's wireline sales were $2.06B and flat q/q which saw data center networking chip sales growth get offset by lower set-top box chip sales due to supply constraints. The F4Q outlook is for sales and EPS of $4.1B / $3.34 vs consensus at $4.1B / $3.17.
Analyst Stephen Chin commented, "We keep a Buy rating as we continue to view Broadcom as a solid growth story in both its wireless and networking businesses. Wireless sales were up 27% qoq and above prior guidance of up mid-20%. We believe most of this upside was from FBAR filter sales (we estimate up 29% qoq) to Apple and estimate its WiFi chip sales also grew strongly on smartphone demand. We believe WiFi chip sales can see higher growth from a new WiFi standard upgrade cycle in 2017, and remain comfortable with our FY17 and FY18 wireless yoy sales growth forecasts of up 37% and 10%, respectively."
Shares of Broadcom closed at $54.67 yesterday.
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