Broadcom Price Target Increased to $50.00 by Analysts at Oppenheimer (BRCM)
Research analysts at Oppenheimer hoisted their target price on shares of Broadcom (NASDAQ:BRCM) from $45.00 to $50.00 in a report released on Wednesday. Oppenheimer’s target price points to a potential upside of 29.03% from the stock’s previous close.
In other Broadcom news, CEO Scott A. Mcgregor sold 75,000 shares of the stock in a transaction that occurred on Thursday, July 17th. The shares were sold at an average price of $37.99, for a total value of $2,849,250.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.
Broadcom (NASDAQ:BRCM) opened at 38.75 on Wednesday. Broadcom has a 52-week low of $23.25 and a 52-week high of $38.89. The stock’s 50-day moving average is $37.74 and its 200-day moving average is $32.1. The company has a market cap of $22.669 billion and a P/E ratio of 56.73.
Broadcom (NASDAQ:BRCM) last announced its earnings results on Tuesday, July 22nd. The company reported $0.65 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.61 by $0.04. The company had revenue of $2.04 billion for the quarter, compared to the consensus estimate of $2.05 billion. During the same quarter in the prior year, the company posted $0.70 earnings per share. The company’s quarterly revenue was down 2.3% on a year-over-year basis. On average, analysts predict that Broadcom will post $2.56 earnings per share for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Wedbush raised their price target on shares of Broadcom from $43.00 to $45.00 in a research note on Monday. They now have an “outperform” rating on the stock. Separately, analysts at Benchmark Co. downgraded shares of Broadcom from a “buy” rating to a “hold” rating in a research note on Tuesday, June 17th. They now have a $40.00 price target on the stock. They noted that the move was a valuation call. Finally, analysts at TheStreet upgraded shares of Broadcom to a “buy” rating in a research note on Monday, June 16th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and nineteen have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $38.13.
Broadcom Corporation (NASDAQ:BRCM), is a global semiconductor solution for wired and wireless communications.
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