Broadcom (AVGO) last night not only reported a beat and raise quarter, but it also repurchased $5B of stock, Jefferies analyst Mark Lipacis tells investors in a post-earnings research note. The analyst likes the CA Technologies (CA) deal because he believes it positions Broadcom to go direct to the Enterprise with both chips and software. He thinks this will ultimately drive higher margins and addressable market expansion. Further, he forecasts the company's dividend will increase by 35% this fall. Lipacis finds Broadcom's risk/reward compelling and keeps a Buy rating on the shares with a $278 price target.