Oppenheimer Comments on Broadcom Corporation at the Quarter

Oppenheimer has published a report on Broadcom Corporation BRCM. In the report, Oppenheimer wrote, "After the close, BRCM reported 2Q non-GAAP EPS of $0.72, ahead of consensus'$0.63, on in-line revenues of $1.80B. Outlook for revenues of $1.95B (midpoint) compared favorably with the Street's $1.93B and assumes double-digit Mobile &Wireless (M&W) growth. Shares were off 14% since the last earnings call (vs. the SOX -10%) and we anticipate a positive reaction to the solid guide, particularly in M&W, where concern over last quarter's tepid outlook weighed on share performance. We continue to see a multi-quarter ramp and favorable secular trends in M&W, coupled with share gains in Broadband (BB) and steady networking growth, driving top-line outperformance. We reiterate our Outperform rating and $55 target." Oppenheimer rated Broadcom an Outperform with a price target of $55.00. Broadcom closed Monday at $34.91.