Broadcom Corp. Given New $35.00 Price Target at Canaccord Genuity (BRCM)
Canaccord Genuity upped their price target on shares of Broadcom Corp. (NASDAQ:BRCM) from $32.00 to $35.00 in a research note issued on Thursday, American Banking News.com reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity’s target price points to a potential upside of 19.86% from the stock’s previous close.
Shares of Broadcom Corp. (NASDAQ:BRCM) traded down 0.54% on Thursday, hitting $29.35. The stock had a trading volume of 8,310,146 shares. 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 $28.0 and a 200-day moving average of $27.99. The company has a market cap of $16.671 billion and a P/E ratio of 34.04.
Broadcom Corp. (NASDAQ:BRCM) last released its earnings data 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 $2.68 EPS for the current fiscal year.
A number of other analysts have also recently weighed in on BRCM. Analysts at Oppenheimer downgraded shares of Broadcom Corp. from an “outperform” rating to a “market perform” rating in a research note to investors on Monday, December 16th. They now have a $37.00 price target on the stock. Separately, analysts at Deutsche Bank raised their price target on shares of Broadcom Corp. from $31.00 to $34.00 in a research note to investors on Wednesday, December 11th. They now have a “buy” rating on the stock. Finally, analysts at UBS AG reiterated a “hold” rating on shares of Broadcom Corp. in a research note to investors on Wednesday, December 11th. They now have a $29.00 price target on the stock, up previously from $27.00. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and twenty-six have assigned a buy rating to the stock. Broadcom Corp. currently has an average rating of “Buy” and a consensus target price of $32.55.
Broadcom Corporation (NASDAQ:BRCM) is a global semiconductor solution for wired and wireless communications.
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