Goldman Sachs Maintains Positive Stance on Broadcom (BRCM) After Solid Q1

Goldman Sachs weighed in on Broadcom (NASDAQ: BRCM) after what they called a "solid" quarter and guidance which they said should drive a relief rally for the stock

The firm comments, "Importantly, Broadcom guided to increases in 3G SoCs and connectivity (with overall mobile & wireless flat) despite mixed datapoints from peers
and handset customers over the past few weeks. We believe this illustrates Broadcom's increasing market share in smartphone platforms, which will offset an expected qoq decline in iPhone unit shipments and ongoing weakness at Nokia in the quarter."

Goldman maintained their Buy rating and price target of $44, saying investors continue to underestimate Broadcom’s structural growth profile.

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 $36.71 yesterday.

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