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Broadcom: Bernstein Starts at Buy; Here Comes the Cash

Bernstein Research’s Stacy Rasgon this afternoon starts coverage of Broadcom (AVGO) with an Outperform rating, and a $215 price target, after having covered the company’s prior incarnation for many years before the buyout this year by Avago. By any name, it’s a “powerhouse,” he writes, AVGO's core business franchises are extremely solid, in particular the Wired Infrastructure business (always our favorite part of "classic" BRCM) as well as secular trends and strong positioning in their RF business.
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