UPDATE: Stifel Nicolaus Raising Price Target On Broadcom

Stifel Nicolaus is out with a research report on Broadcom BRCM after it reported earnings yesterday. It has a Buy rating and is raising its price target to $50 from $43. In a note to clients, Stifel Nicolaus writes, "In our view Broadcom is on the verge of a strong new product cycle driving growth across all its product segments. Management is controlling spending and returning profits to investors through both share repurchases and cash dividends. We recommend investors Buy BRCM at these levels while valuation is low and before the new product cycle reaches full stride." Shares of BRCM are up $2.79 to $37.70, a gain of 7.99% in pre-market trading.