Needham & Company Lowers Broadcom Corp. Price Target to $33.00 (BRCM)
Equities researchers at Needham & Company lowered their price objective on shares of Broadcom Corp. (NASDAQ:BRCM) from $34.00 to $33.00 in a research report issued on Wednesday, Analyst Ratings Network.com reports. The firm currently has a “buy” rating on the stock. Needham & Company’s price objective suggests a potential upside of 24.95% from the stock’s previous close.
A number of other analysts have also recently weighed in on BRCM. Analysts at Morgan Stanley cut their price target on shares of Broadcom Corp. from $34.00 to $31.00 in a research note to investors on Wednesday. They now have an “overweight” rating on the stock. Separately, 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. Finally, 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. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and twenty-seven have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $32.31.
Shares of Broadcom Corp. (NASDAQ:BRCM) traded up 0.46% during mid-day trading on Wednesday, hitting $26.41. 9,085,075 shares of the company’s stock traded hands. 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 $15.291 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 earnings per share for the quarter, beating the analysts’ 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 last year, the company posted $0.79 earnings per share. Broadcom Corp.’s revenue was up .8% compared to the same quarter last year. 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.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.