Jefferies analyst Mark Lipacis reiterated a Buy rating and bumped his price target on Broadcom Limited (NASDAQ: AVGO) to $209.00 (from $190.00) following 'beat and raise' quarter.

commented, "AVGO beat and raised again, with upside in JulQ from Wireless (iPhone 7) and Industrial (restocking) and Storage (HDD stability). Wireless and Storage are driving 8% q/q growth in OctQ, on the iPhone 7 launch and HDD seasonality. AVGO is insulated from near-term pricing pressure in smartphone components, a testament to the unique value of FBAR and its relationship with Apple. We reiterate Buy on multiple product cycles and strong FCF/share growth."

The firm lifted FY 2016 EPS estimates from $10.90 to $11.32 and FY 2017 EPS estimates from $12.34 to $13.25.

For an analyst ratings summary and ratings history on Broadcom Limited click here. For more ratings news on Broadcom Limited click here.

Shares of Broadcom Limited closed at $177.09 yesterday.