Lazard Maintains Buy on Broadcom

Lazard is out with its report today on Broadcom (NASDAQ: BRCM), maintaining Buy.

In its report, Lazard writes, "Our PT of $48 is 17x FY2011E PF EPS, a multiple that reflects BRCM's historical average. We believe that the current multiple remains attractive considering the risk-reward in owning a high-quality name like BRCM."

At the time of posting, shares of BRCM were trading at $34.26, down 2.81% from Wednesday's close.