Jefferies Has Buy on Broadcom

Jefferies & Co. is out with a research report on Broadcom (NASDAQ: BRCM) and it has a Buy rating and a $46 price target on shares.

In a note to clients, Jefferies & Co. writes, "Based on the teardown of iPhone 4S by iFixit.com, we believe that BRCM is the supplier of Bluetooth+Wi-Fi combo chip, and remains the vendor of choice for connectivity of the best-selling smartphones. We continue to think that BRCM is a good low-risk way of investing in the growth of smartphones. We reiterate our Buy rating and suggest buying in front of earnings season."

Shares of BRCM gained 83 cents yesterday to close at $37.02, a gain of 2.29%.