UPDATE: Stifel Raises PT on Broadcom Following Company Analyst Day

In a report published Wednesday, Stifel analyst Kevin Cassidy reiterated a Buy rating on Broadcom Corporation (NASDAQ: BRCM), and raised the price target from $30.00 to $32.00.

In the report, Stifel noted, “We have been expecting 2014 will be a critical year in establishing which semiconductor players can survive in the mobile market. During its annual Analyst Day Broadcom management referred to past technologies that went through supplier consolidation, with survivors able to increase profitability in the longer term. While we believe Broadcom's probability of being an LTE survivor is high, margins may be pressured in 2014 to grow market share gains. We are maintaining our Buy rating based on valuation and expected stable growth in Broadcom's Broadband and Infrastructure Groups.”

Broadcom Corporation closed on Tuesday at $28.51.