FBR Capital Markets Raises BRCM Target To $52 From $49

FBR Capital Markets is raising its target on Broadcom Corporation (NASDAQ: BRCM) to $52 from $49.

“We attended Broadcom's open house event Friday morning,” FBR Capital Markets writes. “While management would not discuss near-term business trends, we believe 4Q revenues tracked in line with the firm's recently raised revenue guidance of $1.8B, and that 1Q revenues will decline only modestly.

“Our biggest takeaway from CES is that Broadcom continues to win the lion's share of Bluetooth/Wi-Fi/FM connectivity sockets for shipments in 2012, with RIM really the only top OEM not using Broadcom today (they use Texas Instruments' combo chip).”

Broadcom Corporation closed Friday at $44.89.