Deutsche Bank Maintains Buy On Broadcom On The Back Of Strong 3Q14 Results
In a research report published today, Deutsche Bank analyst Ross Seymore maintained a Buy rating on Broadcom (NASDAQ:BRCM) with a $47 price target, as the company delivered strong third-quarter results and solid fourth-quarter guidance.
Seymore noted, “the co continues its transition to a more profit-centric strategy that raises the importance of increased returns to shareholders. We expect this strategic shift to become even more apparent at their Dec 9 Analyst meeting, when we anticipate margin and cash return targets to be raised. Consequently, we continue to see significant upside in BRCM shares based on both higher Street EPS ests and the potential for increased valuation.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Ross Seymore has a total average return of 29.2% and a 76.6% success rate. Seymore has a 16.0% average return when recommending BRCM, and is ranked #34 out of 3337 analysts.