UPDATE: Piper Jaffray Assumes/Downgrades Broadcom (BRCM) to Neutral

(Updated - April 3, 2014 7:40 AM EDT)

Piper Jaffray assumed/downgraded Broadcom (NASDAQ: BRCM) from Overweight to Neutral with a price target of $34.00.

Analyst Ruben Roy comments, "We are assuming coverage of BRCM shares with a Neutral rating and a $34 price target. While we believe that BRCM is well positioned across a number of growth markets including the data center and telecom service provider markets and in a stable, good margin broadband end market, we are concerned with the company's customer concentration within the mobile device end markets and the potential for market share losses over the next several years. As well, BRCM's efforts to build a larger presence in the mobile device market with a push into 4G baseband technology remain in early stages with little visibility into longer-term customer traction potential."

For an analyst ratings summary and ratings history on Broadcom click here. For more ratings news on Broadcom click here.

Shares of Broadcom closed at $31.52 yesterday.

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