Cowen raised its price target on Broadcom Limited (NASDAQ: AVGO) to $240.00 (from $210.00) while maintaining a Outperform rating.

Analyst Tim Arcuri admits the upside case for AVGO shares is harder to make but sees enough goo dnews to push shares to $240-$250.

"Stock performance has finally delivered on the promise worthy of our (and many others') adoration. Street numbers are looking less conservative, but targets still have headroom and we see a clear path to $240-250 while simultaneously being able to increasingly appeal to income investors. Target to $240, not massive upside to still warrant Top Pick in semis, but still solid enough."