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Goldman Expects More Strength at Broadcom (BRCM)

April 24, 2013 12:50 PM EDT
Get Alerts BRCM Hot Sheet
Price: $54.67 --0%

Rating Summary:
    15 Buy, 29 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 6 | Down: 3 | New: 1
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Following the company's Q1 report yesterday, Goldman Sachs reiterated a Buy on Broadcom (NASDAQ: BRCM) and raised its price target to $40.00 (from $38.00). Yesterday's report showed Broadcom beat estimates on the top and bottom line, leading to a significant rally in the stock.

Commenting on news, analyst James Schneider said, "Importantly, Broadcom was able to guide to solid upside in 2Q despite weak guidance from key customer Apple and muted carrier spending trends. We believe this illustrates the strength of Broadcom's company-specific product cycles and new program ramps, particularly in the wireless market. Going forward, we expect solid growth over the course of 2013."

For an analyst ratings summary and ratings history on Broadcom (NASDAQ: BRCM) click here. For more ratings news on Broadcom click here.

Shares of Broadcom closed at $32.98 yesterday.


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