Brean Capital analyst Mike Burton reiterated a Buy rating and boosted his price target on Broadcom Limited (NASDAQ: AVGO) to $210.00 (from $205.00) following results.

Burton commented, "Consistent with recent quarters, AVGO reported a beat and raise off product cycles in its Wireless and Wired segments and benefited from a resurgence in key end markets like Enterprise Storage. Longer term and more importantly, AVGO demonstrated how its strategy is paying off in leverage in the financial model as the company raised its long-term operating margin forecast to 45% (from 40%) and is targeting to pay out 50% of its free cash flow in dividends going forward as AVGO should be able to realize material cost synergies and general operating leverage based on the company’s expected scale as it further grows rapidly via acquisitions. Netting out the results and guidance, we are raising our CY17 EPS estimates and target price (from $205 to $210), and reiterating our BUY rating. We believe Broadcom is poised for above-average growth with industry leading profitability (not to mention a very reasonable valuation)."

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Shares of Broadcom Limited closed at $170.71 yesterday.