UPDATE: Auriga Raises PT on NetLogic Microsystems to $48

Auriga is out with its report today on NetLogic Microsystems NETL, raising its PT from $36 to $48. In its report, Auriga writes, "We maintain our Hold Rating, but increase our price target to $48 for NetLogic as Broadcom BRCM has proposed a $50 per share offer which is likely to close in 1H12. We expect the proposed acquisition to receive all regulatory approvals and do not expect a higher offer, given the high premium offered by BRCM." Shares of NETL closed Monday at $48.12, up 50.80% from Friday's close.