19.96%SPY 79.52 
5.39%XLF 9.68 3.09%
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NEW YORK - An analyst initiated coverage of Broadcom Corp. late Wednesday, saying he expects the semiconductor company to post double-digit revenue growth this year.
| BRCM | 14.09 |  0.45 |
RBC Capital Markets analyst Mahesh Sanganeria rates the Irvine, Calif., company "Outperform" with a $36 price target. The target implies he expects shares to rise 29 percent over Wednesday's $27.81 close.
Revenue will likely grow 20 percent in 2008 and 14 percent in 2009, Sanganeria said.
"Broadcom has a proven track record of success in attacking and winning established markets," Sanganeria said in a note to clients.
A company representative was not immediately available for comment.
Shares have risen 6 percent so far this year.
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