Goldman Sachs Comments On Broadcom Management Meetings

According to Goldman Sachs, Broadcom (NASDAQ: BRCM) held management meetings.

Goldman Sachs said that it met with Robert Rango (GM Mobile and Wireless), Dan Marotta (GM Broadband) and Chris Zegarelli (Director of IR). “Our key takeaways are: 1) In basebands, Broadcom is bullish on its traction with low-cost Android smartphones in 2012. Although management sees the largest opportunity in 2012 with a range of customers including Samsung and Chinese OEMs, it could also see some volume in 2H11. Broadcom believes its relationship with Nokia continues to improve, and remains confident of its 3G ramp in 2012 (with up to 50% share of all non-Windows volume at Nokia by 2013), 2) In connectivity, we believe Broadcom can maintain dominant share through at least 2012, and could outperform our estimate of 15% market share loss in combo chips. Management believes that penetration of new technology such as 802.11AC and NFC could reach 10-20% of smartphones exiting 2012, 3) In set-top boxes, Broadcom does not expect any disruption due to customer Pace's weak guidance, as Broadcom does not sell into Pace's European platforms where weakness was noted, 4) In consumer electronics & broadband access, Broadcom sees a relatively stable market, with modest share gains possible in digital TVs and broadband access.”

Broadcom closed yesterday at $33.90.