According to Bank of America Merrill Lynch, 2Q earnings results for Broadcom BRCM are in-line with expectations. Bank of America Merrill Lynch expresses confidence that Broadcom still leads in combo/connectivity.
In this report, Bank of America Merrill Lynch comments, "Investors remain concerned about strategic changes at Nokia and potential impact to Broadcom's baseband revenues. In our
view, despite Nokia's decision to adopt Windows Mobile for its smartphones,
we expect Broadcom's 3G ramp into Nokia feature phones to commence in
early 2012 when Nokia introduces 3G phones for emerging markets." There was also a prediction for 4Q sales growth.
Bank of America Merrill Lynch gave Broadcom a price objective of $48.00 and a rating of Buy. Broadcom closed at $33.34 yesterday.
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Posted In: Analyst ColorAnalyst RatingsBank of America Merrill LynchbroadcomInformation TechnologySemiconductors
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