Nomura Securities Maintains a 'Buy' on Broadcom (BRCM); Q3 Review
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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
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Nomura Securities maintains a 'Buy' on Broadcom (NASDAQ: BRCM) price target lowered from $45 to $42.
Nomura analyst says, "December quarter guidance is worse than we expected. However, as was the case in 2009 and 2010, the company ultimately raised expectations at the Analyst Day in December. We recognize that the environment this year is more challenging, but we see a few silver linings: core wireless (combo) is growing sequentially, internal inventories are down almost 20%, and net cash should approach $7 per share (20% of market cap) this quarter. Thus, as previewed, we continue to believe weakness post earnings will provide an attractive entry point in the stock. We have reduced our 2011E EPS from $3.07 to $2.84 and 2012E from $3.35 to $3.05."
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.
Nomura analyst says, "December quarter guidance is worse than we expected. However, as was the case in 2009 and 2010, the company ultimately raised expectations at the Analyst Day in December. We recognize that the environment this year is more challenging, but we see a few silver linings: core wireless (combo) is growing sequentially, internal inventories are down almost 20%, and net cash should approach $7 per share (20% of market cap) this quarter. Thus, as previewed, we continue to believe weakness post earnings will provide an attractive entry point in the stock. We have reduced our 2011E EPS from $3.07 to $2.84 and 2012E from $3.35 to $3.05."
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.
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