Broadcom Corp.’s Hold Rating Reaffirmed at Societe Generale (BRCM)
Broadcom Corp. (NASDAQ:BRCM)‘s stock had its “hold” rating restated by equities research analysts at Societe Generale in a research note issued to investors on Wednesday, American Banking & Market News reports. They currently have a $30.00 price objective on the stock. Societe Generale’s target price points to a potential upside of 13.42% from the stock’s previous close.
Shares of Broadcom Corp. (NASDAQ:BRCM) opened at 26.45 on Wednesday. Broadcom Corp. has a 1-year low of $23.25 and a 1-year high of $37.85. The stock has a 50-day moving average of $26.14 and a 200-day moving average of $31.68. The company has a market cap of $15.315 billion and a price-to-earnings ratio of 36.63.
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.
Other equities research analysts have also recently issued reports about the stock. Analysts at Benchmark Co. cut their price target on shares of Broadcom Corp. (NASDAQ:BRCM) from $40.00 to $35.00 in a research note to investors on Wednesday. They now have a “buy” rating on the stock. Separately, analysts at Piper Jaffray Cos. cut their price target on shares of Broadcom Corp. (NASDAQ:BRCM) from $33.00 to $30.00 in a research note to investors on Friday, September 27th. They now have an “overweight” rating on the stock. Finally, 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. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating and twenty-nine have assigned a buy rating to the company’s stock. Broadcom Corp. presently has a consensus rating of “Buy” and an average price target of $34.78.
Broadcom Corporation (NASDAQ:BRCM) is a global semiconductor solution for wired and wireless communications.
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