DA Davidson analyst, Thomas Diffely, reiterated his Buy rating on shares of Broadcom Limited (NASDAQ: AVGO) and raised the price target to $285 after fears of a delayed ramp
of the iPhone 8 were offset by content increases across all eight of AVGO's components that go into the phone. This overshadowed slower unit growth in the July quarter drove meaningful upside versus the Street.

The Brocade acquisition is on track to close in F3Q (July) and the analyst expects it to accelerate the company's path to 45% operating margins (due to scale and cost synergies) and further enhance AVGO's technology leadership position.

The new PT of $285 is up from $250.

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 $234.59 yesterday.