Deutsche Bank Increases Broadcom Corp. Price Target to $34.00 (BRCM)
Deutsche Bank boosted their price target on shares of Broadcom Corp. (NASDAQ:BRCM) from $31.00 to $34.00 in a research note issued on Wednesday, Analyst Ratings News reports. The firm currently has a “buy” rating on the stock. Deutsche Bank’s target price would indicate a potential upside of 19.26% from the stock’s previous close.
The analysts wrote, “BRCM’s analyst meeting focused on the co’s strategy to take its successful platform-driven approach in Broadband/Networking and apply it to Mobile. We are encouraged with the co’s LTE initial traction (showed Samsung LTE design win; pulled roadmap ahead by a qtr), but continue to believe ‘hero-phone’ wins will eventually be necessary to economically justify the high level of investment. Overall, we continue to view BRCM as undervalued given its solid core biz and the optionality in Mobile. Maintain Buy.”
Shares of Broadcom Corp. (NASDAQ:BRCM) traded up 0.54% during mid-day trading on Wednesday, hitting $28.665. The stock had a trading volume of 9,204,927 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 $26.85 and a 200-day moving average of $28.. The company has a market cap of $16.282 billion and a price-to-earnings ratio of 32.88.
Broadcom Corp. (NASDAQ:BRCM) last released its earnings data 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. Analysts expect that Broadcom Corp. will post $2.62 EPS for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at UBS AG reiterated a “hold” rating on shares of Broadcom Corp. in a research note to investors on Wednesday. They now have a $29.00 price target on the stock, up previously from $27.00. Separately, analysts at Evercore Partners reiterated an “overweight” rating on shares of Broadcom Corp. in a research note to investors on Wednesday. They now have a $34.00 price target on the stock, up previously from $30.00. Finally, analysts at Canaccord Genuity reiterated a “buy” rating on shares of Broadcom Corp. in a research note to investors on Wednesday. They now have a $28.51 price target on the stock, down previously from $33.00. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating and twenty-nine have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $32.37.
Broadcom Corporation (NASDAQ:BRCM) is a global semiconductor solution for wired and wireless communications.
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