Canaccord Genuity raised its price target on Broadcom Limited (NASDAQ: AVGO) to $300.00 (from $272.00) while maintaining a Buy rating.

Analyst Michael Walkley says the company is well positioned to benefit from strong iPhone upgrade cycle noting iPhone sales ahead of the September launch have been steady. The analyst comments that given the strength in iPhone sales recently AVGO's estimates could prove conservative when the company reports earnings Thursday after the close.

FY 2017 EPS estimate rises from $15.69 to $15.76 and FY 2018 EPS estimate rises from $16.65 to $17.21.