Broadcom price target raised to $1,200 from $1,000 at KeyBanc

KeyBanc raised the firm’s price target on Broadcom to $1,200 from $1,000 and keeps an Overweight rating on the shares. The anlayst updated estimates following the close of the VMware acquisition. The acquisition is expected to be accretive to earnings and gross margin immediately, the analyst tells investors in a research note. The firm remains constructive on the acquisition, saying it is highly complementary to Broadcom’s infrastructure and semiconductor franchises.