Nomura Securities Maintains a 'Buy' on Broadcom (BRCM); Q2 Review

Nomura Securities maintains a 'Buy' on Broadcom (NASDAQ: BRCM) price target of $45.00.

Normura analyst Romit Shah, said, "Reported 2Q EPS of $0.72 versus our estimate of $0.65 (we estimate a $0.05 boost from lower share count, taxes, and a one-time gain). We believe better-than-expected Q2 results and guidance should provide relief shares (-20% YTD), which have been under pressure in part owing to exposure at Nokia. Broadcom appears strategically well positioned into 2012 owing to continued penetration of wireless connectivity, mass market Android adoption, and share gains in networking. Raise estimates from $2.83 to $3.07 (1.59 GAAP) in 2011 and from $3.25 to $3.35 ($2.35) in 2012."

For more ratings news on Broadcom click here and for the rating history of Broadcom click here.

Shares of Broadcom closed at $34.91 yesterday.

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