NEW YORK ( TheStreet) -- Broadcom ( BRCM) shares pulled back in late trades on Friday after the stock saw a healthy gain in the regular session following bullish comments from FBR Capital Markets. FBR added Broadcom to its top picks list, saying the company is positioned to benefit from strong wireless baseband demand, and the stock rose 5.4% to $36.52 on Friday with volume reaching 23.4 million, more than twice the trailing three-month daily average churn of 9.7 million. Even with that gain, the shares are still down about 20% so far in 2011, and the stock was last quoted in after-hours action at $34.65, down 5.1%, on volume of around 120,000, according to Nasdaq.com. Most of Wall Street is bullish on Broadcom with 26 of the 42 analysts covering the stock at strong buy (12) or buy (14), and the median 12-month price target sitting at $45, implying potential upside of 22% from here. Broadcom shares were trading above $40 before the company's fiscal first-quarter report on April 26. Broadcom beat the average analysts' view for the March-ended quarter but gave a weak guidance.