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FBR Capital Markets upped their price objective on shares of Broadcom (NASDAQ:BRCM) from $39.00 to $45.00 in a research note issued on Wednesday. The firm currently has an “outperform” rating on the stock. FBR Capital Markets’ target price points to a potential upside of 16.13% from the stock’s previous close.

Broadcom (NASDAQ:BRCM) opened at 38.75 on Wednesday. Broadcom has a 1-year low of $23.25 and a 1-year high of $38.89. The stock has a 50-day moving average of $37.74 and a 200-day moving average of $32.1. The company has a market cap of $22.669 billion and a P/E ratio of 56.73.

Broadcom (NASDAQ:BRCM) last posted its quarterly earnings results on Tuesday, July 22nd. The company reported $0.65 earnings per share for the quarter, beating the analysts’ 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 last year, the company posted $0.70 earnings per share. Broadcom’s revenue was down 2.3% compared to the same quarter last year. On average, analysts predict that Broadcom will post $2.56 earnings per share for the current fiscal year.

In other Broadcom news, CEO Scott A. Mcgregor sold 75,000 shares of Broadcom stock on the open market in a transaction dated Thursday, July 17th. The stock was sold at an average price of $37.99, for a total value of $2,849,250.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

A number of other analysts have also recently weighed in on BRCM. Analysts at Brean Capital raised their price target on shares of Broadcom from $39.00 to $46.00 in a research note on Wednesday. They now have a “buy” rating on the stock. Separately, analysts at Cowen and Company raised their price target on shares of Broadcom from $39.00 to $43.00 in a research note on Wednesday. They now have an “outperform” rating on the stock. Finally, analysts at Oppenheimer raised their price target on shares of Broadcom from $45.00 to $50.00 in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and nineteen have issued a buy rating to the stock. Broadcom currently has an average rating of “Buy” and a consensus price target of $38.68.

Broadcom Corporation (NASDAQ:BRCM), is a global semiconductor solution for wired and wireless communications.

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