Oppenheimer Raises Price Target on Broadcom Ltd. (AVGO) Ahead of 3Q Report

Oppenheimer reiterated an Outperform rating on Broadcom Limited (NASDAQ: AVGO), and raised the price target to $190.00 (from $180.00), ahead of the company's 3Q earnings report.

Analyst Rick Schafer commented, "Broadcom (AVGO) reports F3Q (July) results after the close Thursday. We see a beat/raise set-up, with upside to consensus $3.76B/$2.77 and $4.05B/$3.17 F3Q and F4Q estimates, respectively. Wireless, benefiting from significant content growth in the new iPhone, should be the primary driver to upside. We see AVGO's Storage segment rebounding seasonally in F4Q, supported by stable end markets in Wired. With Broadcom one of the group's best self-help stories, we see multiple levers at mgmt's disposal to fuel EPS/FCF growth and upside. Longer term, we like Broadcom for its dominant/diversified semiconductor portfolio and significant FCF potential. We see ample upside as mgmt executes on merger synergies and likely future accretive M&A. We would remain LT buyers and are raising our price target from $180 to $190."

For an analyst ratings summary and ratings history on Broadcom Limited click here. For more ratings news on Broadcom Limited click here.

Shares of Broadcom Limited closed at $177.00 yesterday.

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