At the event, Broadcom announced a $1 billion share buyback plan and increased its fourth quarter revenue guidance to $2.08 billion to $2.15 billion from $2 billion to $2.15 billion. Analysts polled by Thomson Reuters forecast $2.1 billion.
The company also raised its quarterly dividend by 2 cents a share to 14 cents.
"While we do carry some baggage on this name (most notably whether this company is run for its shareholders or its senior executives), it is this concern that drives our upgrade of Broadcom's stock today," Evercore analyst C.J. Muse said.
"More specifically, senior management is now being paid bonuses on two criteria: relative earnings per share (EPS) growth, and relative total stock returns" he added.
Separately, Deutsche Bank said Broadcom was its "top 2015 pick" in a 2015 semiconductor outlook report released today.
TheStreet Ratings team rates BROADCOM CORP as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation: