Nomura Securities Maintains a 'Buy' on Broadcom (BRCM); Analyst Day Preview
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Price: $54.67 --0%
Rating Summary:
15 Buy, 29 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 4 | Down: 8 | New: 8
Rating Summary:
15 Buy, 29 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 4 | Down: 8 | New: 8
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Nomura Securities maintains a 'Buy' on Broadcom (NASDAQ: BRCM) price target of $42.00.
Nomura analyst, Romit Shah, said, "This has been a tough year for Broadcom, but we see better days ahead. Versus a year ago, the fundamental drivers are still largely intact. We are bullish on wireless connectivity (1/3rd of sales) for 2012. Broadcom will likely increase market share in combo chips and we expect a positive message on the baseband business this week. However, risk aversion seems excessively high as evidenced by the low valuation. Broadcom one year ago traded at $45 or 15x forward earnings of roughly $3.00. Today, Broadcom trades near $30 or 11x forward earnings of $2.67. Year-to-date, the stock is down 30%."
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 $30.29 yesterday.
Nomura analyst, Romit Shah, said, "This has been a tough year for Broadcom, but we see better days ahead. Versus a year ago, the fundamental drivers are still largely intact. We are bullish on wireless connectivity (1/3rd of sales) for 2012. Broadcom will likely increase market share in combo chips and we expect a positive message on the baseband business this week. However, risk aversion seems excessively high as evidenced by the low valuation. Broadcom one year ago traded at $45 or 15x forward earnings of roughly $3.00. Today, Broadcom trades near $30 or 11x forward earnings of $2.67. Year-to-date, the stock is down 30%."
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 $30.29 yesterday.
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