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Merrill Lynch Boosts Price Target on Broadcom Ltd (AVGO) Despite Wireless Segment Miss

Broadcom Ltd (NASDAQ:AVGO) posted third-quarter results for the fiscal year of 2016 with sales soaring $45 million ahead on the wireless and industrial forefront. The strength showcased in the sales performance has Merrill Lynch analyst Vivek Arya largely bullish on the wireless chip maker despite a $20 to $30 million “miss” in the prominent wired segment, a result of component shortages in set top boxes.

Even in light of likely near-term volatility, especially considering Apple’s iPhone 7 event tomorrow “plus the 22% YTD run in the stock,” Arya reiterates a Buy rating on shares of AVGO, while boosting the price target from $210 to $215, which represents a 24% increase from where the stock is currently...