Nomura Securities Raises PT & Estimates on Broadcom (BRCM); Apple (AAPL) Results Offer Positive Read-Through

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

Analyst, Romit Shah, said, "Apple’s (Nasdaq: AAPL) strong iPhone and iPad shipments provide a positive read-through to Broadcom, which has north of $5 of silicon content per device. The strength at Apple plus share gains at Nokia (NYSE: NOK) would suggest that Q1 and full year estimates are conservative. Overall, we are raising non-GAAP revenue and EPS (with options) estimates from $1.7bn/$0.30 to $1.77bn/$0.35 for Q1 and from $7.9bn/$2.22 to $8.1bn/$2.30 for full-year CY12E. We rate shares of Broadcom as a Buy with a new price target of $45 based on 20x CY12E non-GAAP EPS (with options) of $2.30.We would continue to be buyers of the stock."

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 $35.22 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• KeyBanc Reiterates Underweight Rating on Apple (AAPL)
• Freedom Broker Upgrades Serve Robotics (SERV) to Buy
• Cantor Fitzgerald Reiterates Overweight Rating on Applied Materials (AMAT)