Needham & Company Reiterates a 'Buy' on Broadcom (BRCM); Raising Estimates on Top Large-Cap Semi Pick

Needham & Company reiterates a 'Buy' on Broadcom (NASDAQ: BRCM) price target raised from $40 to $41.

Analyst, N. Quinn Bolton, said, "...While BRCM no longer expects to see 3G
baseband revenue from Nokia (NYSE: NOK) until 2013, we believe 3G demand from other customers along with growth drivers including combo chips, 10GbE adoption, carrier Ethernet, and migration to HD video in emerging markets, will enable BRCM to grow revenue faster than the overall semiconductor industry. Broadcom remains our top large cap semiconductor pick and we reiterate our rating." (raises FY12 EPS estimate from $2.65 to $2.85 and FY13 from $2.80 to $2.90)

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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