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To: The Ox who wrote (2459)	7/24/2013 12:46:04 PM
From: The Ox	Read Replies (1) \| Respond to of 8247

Just saw this. I think they would have done better to wait a day or 2 to put out a statement like this! While I agree about the "cheap entry point", the market certainly doesn't! Now down over 16%, -$5.15 Canaccord Genuity analyst Bobby Burleson is out defending Broadcom (NASDAQ: BRCM), which is down 14% following lackluster results after the close and 7 sell-side downgrades. He reiterated his Buy rating and $40 price target. "We continue to believe investors should buy shares of Broadcom based on gains in baseband, continuing 5G WiFi upgrades, and a recovering Networking and Infrastructure segment, despite last night's soft outlook," Burleson said Mr. Burleson added "Recent relative weakness for the shares (down 4% versus SOX up 5% in last 30 days) and a meaningful valuation discount versus peers (11x vs. 15x for our semis universe) make for an attractive entry point in our view." The analyst decreased his 2013 and 2014 Annual EPS estimates to $2.76 and $2.93, respectively. He also decreased his 2013 and 2014 Annual Revenue estimates to $8.370B and $8.995B, respectively.