Oppenheimer analyst Rick Schafer reiterated an Outperform rating and raised his price target on Broadcom Limited (NASDAQ: AVGO) to $215.00 (from $200.00) following the latest 'beat and raise'.

Schafer commented, "We are raising our estimates and PT on AVGO following management's latest beat/ raise. F4Q (Oct.) revenue/EPS of $4.15B/$3.47 bested consensus' $4.12B/$3.36E. F1Q (Jan.) revenue/GM guidance of $4.08B/61.5% also easily topped estimates of $3.97B/60.5%. In addition, management doubled the quarterly dividend and plans to return ~50% of FCF through dividends LT, implying a ~4% yield today. We continue to see AVGO as mis-priced at <12 our CY18E for several reasons including: industry leading capital return and margin profile; organically growing top-line tied to favorable LT secular trends; additional accretion from Brocade yet to be layered into estimates; and ample dry powder for further M&A from arguably the industry's best consolidator. We remain LT buyers with a new $215 target (from $200)."

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 $170.71 yesterday.