AmTech Raises Price Target on Broadcom (BRCM) to $29

July 23, 2008 12:08 PM EDT

American Technology Research raises its price target on Broadcom (Nasdaq: BRCM) from $26 to $29 and maintains a Buy rating.

Commenting on its June quarter results, the firm said that "There may be some concerns that Broadcom is too aggressive in its outlook, but at this point, we are giving management the benefit of the doubt."

AmTech raised its Q3 sales and EPS estimates from $1.17 billion and $0.19 to $1.28 billion and $0.24, respectively. The Street estimates are $1.16 billion for sales and $0.38 for EPS. FY08 and FY09 sales estimates move from $4.5 billion and $5.1 billion to $4.8 billion and $5.5 billion. The Street is expecting FY08 revs of $4.51 billion and FY09 revs of $5.07 billion. EPS move from $0.75 to $0.88 for FY08 and from $0.85 to $1.00 for FY09. The analyst estimates are $1.50 for FY08 and $1.56 for FY09.

Broadcom Corporation designs, develops, and supplies semiconductors for wired and wireless communications markets.

Related Categories

Analyst Comments

Stocks Mentioned

Related Entities

• American Technology Research

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?