Broadcom (BRCM) PT Lifted to $52 at Jefferies Post Q3
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Rating Summary:
15 Buy, 29 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 9
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Jefferies analyst Mark Lipacis reiterated a Buy rating and bumped his price target on Broadcom (NASDAQ: BRCM) to $52.00 (from $51.00) following strong Q3 EPS that beat consensus by $0.07.
Lipacis commented, "We continue to believe that the wind-down of the money-losing cellular business has implications for its operating model that have yet to manifest in the stock. We expect it to announce a new operating model at its Dec Analyst Day that features higher margins and capital return that we expect will translate to higher EPS and P/E."
The firm raised FY 2014 EPS from $2.82 to $2.93 and FY 2015 EPS from $3.37 to $3.43.
For an analyst ratings summary and ratings history on Broadcom click here. For more ratings news on Broadcom click here.
Shares of Broadcom closed at $37.33 yesterday.
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