Broadcom Corp. Price Target Cut to $32.00 (BRCM)
Investment analysts at Canaccord Genuity lowered their price target on shares of Broadcom Corp. (NASDAQ:BRCM) from $35.00 to $32.00 in a note issued to investors on Wednesday, Stock Ratings Network reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity’s target price suggests a potential upside of 17.91% from the stock’s previous close.
Shares of Broadcom Corp. (NASDAQ:BRCM) traded down 6.78% on Wednesday, hitting $25.30. 15,135,339 shares of the company’s stock traded hands. Broadcom Corp. has a one year low of $23.25 and a one year high of $37.85. The stock has a 50-day moving average of $26.19 and a 200-day moving average of $32.3. The company has a market cap of $14.649 billion and a price-to-earnings ratio of 37.59. Broadcom Corp. also saw unusually large options trading on Monday. Traders purchased 23,511 call options on the stock. This represents an increase of 216% compared to the typical volume of 7,429 call options.
Broadcom Corp. (NASDAQ:BRCM) last issued its quarterly earnings data on Tuesday, October 22nd. The company reported $0.76 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.69 by $0.07. The company had revenue of $2.15 billion for the quarter, compared to the consensus estimate of $2.13 billion. During the same quarter in the prior year, the company posted $0.79 earnings per share. The company’s quarterly revenue was up .8% on a year-over-year basis. On average, analysts predict that Broadcom Corp. will post $2.62 earnings per share for the current fiscal year.
A number of other firms have also recently commented on BRCM. Analysts at Jefferies Group reiterated a “buy” rating on shares of Broadcom Corp. in a research note to investors on Wednesday. Separately, analysts at Goldman Sachs Group Inc. reiterated a “neutral” rating on shares of Broadcom Corp. in a research note to investors on Wednesday. They now have a $30.00 price target on the stock. Finally, analysts at Nomura reiterated a “buy” rating on shares of Broadcom Corp. in a research note to investors on Wednesday. They now have a $33.00 price target on the stock, down previously from $36.00. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating and twenty-five have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $33.82.
Broadcom Corporation (NASDAQ:BRCM) is a global semiconductor solution for wired and wireless communications.
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