Raising Citi Raises Broadcom Limited (AVGO) PT To $275

Citi analyst, Christopher Danely reiterated his Buy rating on shares of Broadcom Limited (NASDAQ: AVGO) and raised his PT to $300 from $275 after the company reported F2Q18 and guided F3Q18 revenue roughly in line with its previous guidance. Revenue of $5.01 billion (down 6% QoQ) was below the analyst's estimate of $5.05 billion (down 5% QoQ) but roughly in line with consensus and guidance of $5.0 billion (down 6% QoQ). Non-GAAP EPS of $4.23 was above consensus of $4.14 due to higher margins.

The analyst stated "We believe AVGO is fairly valued at 17X EPS, above his historical average of 14X due to lower debt and higher margins. As a result, we raise our price target from $275.00 to $300.00 based on 17X C19E EPS".

For an analyst ratings summary and ratings history on Broadcom Limited click here. For more ratings news on Broadcom Limited click here.

Shares of Broadcom Limited closed at $236.99 yesterday.

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