Bank of America Reiterates Buy Rating on Broadcom

According to a recent report, Bank of America has reiterated a Buy rating on Broadcom BRCM and a $48.00 price target after a phone call with Bob Rango, the head of Broadcom's Mobile Group. Points of interest from the call touched on Broadcom's confidence maintaining WiFi share, the 3G baseband opportunity for 2012, and growth through integration Following the call, Bank of America discussed the compelling value of the stock. In the report, Bank of America said, "Broadcom stock is down 23% YTD, but we believe the stock is attractively positioned (11x PE vs. 5 yr average 19x) given its growth prospects in mobile and wireless (combo/connectivity leadership, Nokia 3G ramp), new products in enterprise (10GbE switch/PHY, FCoE), and weak investor sentiment." Broadcom closed yesterday at $33.23.