Sterne Agee CRT analyst, Douglas Freedman, reiterated Broadcom Limited (NASDAQ: AVGO) as his top-pick after another beat-and-raised quarter. The Wired segment now accounts for more than 50% of revenue and AVGO appears well-positioned to capitalize on the secular trend from network spending (Switch, router, WiFi, small cell, 40Gto100G upgrade). Anticipated demand should also snap back in Wireless and Enterprise Storage should also provide incremental growth in 2H16.

The analyst reiterated a Buy rating and PT goes from $185 to $199, or 15x C2017 EPS of $13.26.

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Shares of Broadcom Limited closed at $154.91 yesterday.