Needham & Company Reiterates a 'Buy' on Broadcom (BRCM) as Estimates Have Likely Been Reset
Tweet
Share
E-mailGet Alerts BRCM Hot Sheet
Price: $54.67 --0%
Rating Summary:
15 Buy, 29 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
15 Buy, 29 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Join SI Premium – FREE
Needham & Company reiterates a 'Buy' on Broadcom (NASDAQ: BRCM) price target lowered $3 to $40.
Needham analyst says, "Broadcom reported in-line 3Q11 results but issued weak 4Q11 guidance reflecting overall industry softness. All three businesses are expected to decline in 4Q11, reflecting a combination of sluggish end demand and inventory reduction. As visibility remains low, we model revenue will decline again in 1Q12 before recovering in 2Q12. Outside of the annual fringe, SBC and merit expense step-up expected in 1Q12, we believe management will tightly control OPEX in this environment. Though we have reduced our estimates to reflect the softer industry conditions, we believe BRCM’s long-term prospects remain intact. We believe estimates have now been reset and are unlikely to decline further without a significant deterioration in industry conditions."
For more ratings news on Broadcom click here and for the rating history of Broadcom click here.
Shares of Broadcom closed at $35.80 yesterday.
Needham analyst says, "Broadcom reported in-line 3Q11 results but issued weak 4Q11 guidance reflecting overall industry softness. All three businesses are expected to decline in 4Q11, reflecting a combination of sluggish end demand and inventory reduction. As visibility remains low, we model revenue will decline again in 1Q12 before recovering in 2Q12. Outside of the annual fringe, SBC and merit expense step-up expected in 1Q12, we believe management will tightly control OPEX in this environment. Though we have reduced our estimates to reflect the softer industry conditions, we believe BRCM’s long-term prospects remain intact. We believe estimates have now been reset and are unlikely to decline further without a significant deterioration in industry conditions."
For more ratings news on Broadcom click here and for the rating history of Broadcom click here.
Shares of Broadcom closed at $35.80 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Coherent (COHR) PT Raised to $420 at Needham
- Globant S.A. (GLOB) PT Lowered to $45 at Needham
- Needham Reiterates Buy Rating on WhiteFiber Inc (WYFI)
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
Needham & CompanySign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
