Sanford C. Bernstein Lowers Broadcom Corp. Price Target to $30.00 (BRCM)
Equities researchers at Sanford C. Bernstein dropped their price target on shares of Broadcom Corp. (NASDAQ:BRCM) from $36.00 to $30.00 in a research report issued on Wednesday, Analyst Ratings News reports. The firm currently has an “outperform” rating on the stock. Sanford C. Bernstein’s price objective would indicate a potential upside of 10.97% from the company’s current price.
The analysts wrote, “We believe investors should be disappointed with Broadcom’s management and Board of Directors. Current leadership has not proven to be good stewards of shareholder capital; while intentions may have been good, results have not, and heavy cellular investments have been met with little or no success…However, while stock performance has significantly lagged and investors have suffered, management compensation has substantially climbed. While the stock has significantly underperformed, total pay for top executives has increase by almost 60% over the last few years, and ‘performance-based’ bonus payouts have averaged 170% of (apparently easily-met) targets.”
Shares of Broadcom Corp. (NASDAQ:BRCM) traded up 1.28% during mid-day trading on Wednesday, hitting $27.38. The stock had a trading volume of 4,687,741 shares. 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 $26.19 and its 200-day moving average is $32.3. The company has a market cap of $15.552 billion and a P/E ratio of 31.18.
Broadcom Corp. (NASDAQ:BRCM) last posted its quarterly earnings results 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 $2.64 earnings per share for the current fiscal year.
BRCM has been the subject of a number of other recent research reports. Analysts at B. Riley cut their price target on shares of Broadcom Corp. from $28.00 to $26.00 in a research note to investors on Wednesday, October 23rd. They now have a “neutral” rating on the stock. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Broadcom Corp. in a research note to investors on Wednesday, October 23rd. They now have a $28.00 price target on the stock. Finally, analysts at UBS AG cut their price target on shares of Broadcom Corp. from $30.00 to $27.00 in a research note to investors on Wednesday, October 23rd. They now have a “neutral” rating on the stock. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and twenty-seven have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $32.31.
In other Broadcom Corp. news, EVP Rajiv Ramaswami sold 2,500 shares of the stock on the open market in a transaction dated Thursday, October 24th. The shares were sold at an average price of $26.35, for a total value of $65,875.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Broadcom Corporation (NASDAQ:BRCM) is a global semiconductor solution for wired and wireless communications.
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