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Broadcom +4.4% amid analysts' post-earnings price target bumps

Dec. 09, 2016 3:46 PM ETBroadcom Inc. (AVGO) StockAVGOBy: Jason Aycock, SA News Editor
  • Broadcom (NASDAQ:AVGO) -- up 4.4% after its continuing operations marked a solid beat in yesterday's earnings report -- is seeing price target hikes as analysts weigh the impact on the company and on peer wireless players.
  • B. Riley's Craig Ellis has boosted his price target generously to $235 from $215, implying near-32% upside from today's higher price. Strength should continue in optical and data center, and wireless should see a seasonal drop, falling in the mid-teens ("about 50% greater than our projection after seasonal tailwinds go from positive to negative").
  • Canaccord Genuity analyst Mike Walkley has reiterated a price target of $250, 40% upside. "Consistent with our iPhone estimates, we believe the strong Broadcom wireless sales that increased 32% sequentially are consistent with our modeling of strong content share gains driving more of the year-over-year sales growth versus iPhone units."
  • Meanwhile, Instinet's Romit Shah boosted his price target to $190 from $180, and Morgan Stanley's Craig Hettenbach reiterated a $210 price target on the stock he calls a "core holding."
  • Previously: Northland Securities suggests Broadcom's Q4 indicates positively for Qualcomm, Marvell Technology, Silicon Motion Technology (Dec. 09 2016)

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