Needham & Company Reiterates a 'Buy' on Broadcom (BRCM); Guides to Better-Than-Seasonal 1Q12

Needham & Company reiterates a 'Buy' on Broadcom (NASDAQ: BRCM) price target of $40.00.

Needham analyst says, "Despite macroeconomic headwinds, Broadcom reported 4Q11 results above the high-end of upwardly revised guidance and issued a 1Q12 outlook that calls for better than normal seasonality. Within its Mobile & Wireless business, BRCM experienced sequential growth in its combo chip and 3G baseband segments in 4Q11 and expects both segments to grow sequentially in 1Q12. With numerous growth drivers including combo chips, 3G basebands, 10GbE adoption, carrier Ethernet and migration to HD video in emerging markets among others, BRCM remains positioned to continue to grow revenue faster than the overall semiconductor industry in our opinion. BRCM remains our top large cap semi pick and we reiterate our rating." (Needham raises FY12 EPS estimate from $2.55 to $2.65 and revs from $7.525 bln to $7.6 bln)

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 $34.35 yesterday.

---

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

---

You May Also Be Interested In

• Coherent (COHR) PT Raised to $420 at Needham
• Freedom Broker Upgrades PrimeEnergy Resource (PNRG) to Hold
• York Space Systems (YSS) PT Lowered to $18 at Needham