Benchmark Downgrades Broadcom (BRCM) to Hold; Cyclical Upturn Already Priced In

Benchmark downgraded Broadcom (NASDAQ: BRCM) from Buy to Hold.

Benchmark analyst says, "Shares have increased 28% year-to-date and have approached our previous price target of $40. To compare, the SOX (Philadelphia Semiconductor Index) has risen 18% YTD...Excluding the Qualcomm (Nasdaq: QCOM) royalties, investors may assume Broadcom’s earnings power, in optimal industry conditions, to approximate $2.60 to $2.70. Based on this range, shares are trading at 15.0x EPS and are in line with other large-cap semiconductor and tech hardware companies."

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 $37.00 yesterday, with a 52 week range of $27.59-$43.88.

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