Broadcom Corp. Price Target Cut to $31.00 by Analysts at Morgan Stanley (BRCM)
Equities research analysts at Morgan Stanley reduced their price objective on shares of Broadcom Corp. (NASDAQ:BRCM) from $34.00 to $31.00 in a research note issued to investors on Wednesday, AmericanBankingNews.com reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s price objective points to a potential upside of 17.38% from the company’s current price.
Broadcom Corp. (NASDAQ:BRCM) traded up 0.46% during mid-day trading on Wednesday, hitting $26.41. The stock had a trading volume of 9,085,075 shares. Broadcom Corp. has a 52-week low of $23.25 and a 52-week 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 P/E ratio of 36.41.
Broadcom Corp. (NASDAQ:BRCM) last announced its earnings results on Tuesday, October 22nd. The company reported $0.76 earnings per share (EPS) for the quarter, beating the 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 previous year, the company posted $0.79 earnings per share. The company’s revenue for the quarter 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.
A number of other firms have also recently commented on BRCM. Analysts at Mizuho cut their price target on shares of Broadcom Corp. from $35.00 to $31.00 in a research note to investors on Wednesday. They now have a “neutral” rating on the stock. Separately, analysts at FBR Capital Markets cut their price target on shares of Broadcom Corp. from $32.00 to $29.00 in a research note to investors on Wednesday. They now have an “outperform” rating on the stock. Finally, analysts at Deutsche Bank cut their price target on shares of Broadcom Corp. from $35.00 to $31.00 in a research note to investors on Wednesday. They now have a “buy” rating on the stock. One 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 stock. The stock has a consensus rating of “Buy” and a consensus price target of $32.31.
Broadcom Corporation (NASDAQ:BRCM) is a global semiconductor solution for wired and wireless communications.
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