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Broadcom revenue growth not reflected in shares, says RW Baird

Baird noted Broadcom reported significant Q1 revenue growth but does not believe it is fully reflected in its valuation. The firm expects growth to continue driven by a looming set top box upgrade cycle, a new product cycle in 3G, and its leadership in connectivity market share. Shares are Outperform rated and price target raised to $40 from $38.