Broadcom Corp. PT Lowered to $30.00 (BRCM)
Equities research analysts at Piper Jaffray Cos. cut their price objective on shares of Broadcom Corp. (NASDAQ:BRCM) from $33.00 to $30.00 in a research note issued to investors on Friday, ARN reports. The firm currently has an “overweight” rating on the stock. Piper Jaffray Cos.’s price objective indicates a potential upside of 16.10% from the company’s current price.
Other equities research analysts have also recently issued reports about the stock. Analysts at Societe Generale cut their price target on shares of Broadcom Corp. (NASDAQ:BRCM) from $32.00 to $30.00 in a research note to investors on Thursday, September 19th. They now have a “hold” rating on the stock. Separately, analysts at Susquehanna upgraded shares of Broadcom Corp. (NASDAQ:BRCM) from a “neutral” rating to a “positive” rating in a research note to investors on Tuesday, September 17th. They now have a $35.00 price target on the stock, up previously from $33.00. Finally, analysts at Standpoint Research initiated coverage on shares of Broadcom Corp. (NASDAQ:BRCM) in a research note to investors on Tuesday, September 10th. They set a “buy” rating and a $33.00 price target on the stock. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-nine have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $34.92.
Shares of Broadcom Corp. (NASDAQ:BRCM) traded down 2.01% during mid-day trading on Friday, hitting $25.84. 9,352,783 shares of the company’s stock traded hands. Broadcom Corp. has a 52-week low of $23.25 and a 52-week high of $37.85. The stock’s 50-day moving average is $26.13 and its 200-day moving average is $31.85. The company has a market cap of $14.961 billion and a P/E ratio of 36.52.
Broadcom Corp. (NASDAQ:BRCM) last announced its earnings results on Tuesday, July 23rd. The company reported $0.70 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.69 by $0.01. The company had revenue of $2.09 billion for the quarter, compared to the consensus estimate of $2.10 billion. During the same quarter in the prior year, the company posted $0.72 earnings per share. The company’s quarterly revenue was up 6.0% on a year-over-year basis. On average, analysts predict that Broadcom Corp. will post $2.64 earnings per share for the current fiscal year.
Broadcom Corporation (NASDAQ:BRCM) is a global semiconductor solution for wired and wireless communications.
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