BofA Merrill Lynch Maintains Buy on Broadcom

Bank of America Merrill Lynch is out with its report today on Broadcom BRCM, maintaining Buy after Broadcom CEO, Scott McGregor presented at the Bank of America Merrill Lynch Tech Conference. In a note to clients, Bank of America Merrill Lynch writes, "Broadcom highlighted its strong market position at leading cable/satellite set-top box vendors as the analog/SD to digital/HD product transitions are underway. Broadcom also expects to gain from geographic expansion in Europe, China and India. While Broadcom saw some weakness in 4Q/1Q in broadband due to inventory corrections at 1-2 customers, it indicated that it was largely complete and expects growth to resume." Bank of America Merrill Lynch maintains a $48 PO on BRCM. At the time of posting shares of BRCM were trading at $35.07, down 0.11% from Wednesday's close.