Broadcom Corp. Price Target Cut to $30.00 by Analysts at Topeka Capital Markets (BRCM)
Research analysts at Topeka Capital Markets reduced their price target on shares of Broadcom Corp. (NASDAQ:BRCM) from $35.00 to $30.00 in a report released on Wednesday, American Banking and Market News reports. The firm currently has a “buy” rating on the stock. Topeka Capital Markets’ price objective points to a potential upside of 13.59% from the company’s current price.
Several other analysts have also recently commented on the stock. Analysts at Piper Jaffray Cos. raised their price target on shares of Broadcom Corp. from $30.00 to $32.50 in a research note to investors on Wednesday. They now have an “overweight” rating on the stock. Separately, analysts at Oppenheimer cut their price target on shares of Broadcom Corp. from $45.00 to $37.00 in a research note to investors on Wednesday. They now have an “outperform” rating on the stock. Finally, analysts at Needham & Company cut their price target on shares of Broadcom Corp. from $34.00 to $33.00 in a research note to investors on Wednesday. They now have a “buy” rating on the stock. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and twenty-seven have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $32.31.
Shares of Broadcom Corp. (NASDAQ:BRCM) traded up 0.46% on Wednesday, hitting $26.41. 9,085,075 shares of the company’s stock traded hands. 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 $26.19 and a 200-day moving average of $32.3. The company has a market cap of $15.291 billion and a price-to-earnings ratio of 36.41.
Broadcom Corp. (NASDAQ:BRCM) last announced its 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. Analysts expect that Broadcom Corp. will post $2.64 EPS for the current fiscal year.
Broadcom Corporation (NASDAQ:BRCM) is a global semiconductor solution for wired and wireless communications.
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