Susquehanna Upgrades Broadcom (BRCM) to Positive; Expectations Reset

September 17, 2013 6:40 AM EDT
Get Alerts BRCM Hot Sheet
Price: $54.67 --0%

Rating Summary:
    15 Buy, 30 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 25 | Down: 19 | New: 35
Trade Now! 
Join SI Premium – FREE
Susquehanna upgraded Broadcom (NASDAQ: BRCM) from Neutral to Positive with a price target of $35.00 (from $33.00).

Analyst Chris Caso comments, "Our downgrade of BRCM in May was predicated on already high Street expectations on handsets and no notable improvement in networking to drive upside. We think expectations and the stock price have now been sufficiently reset ahead of what we expect to be catalysts in 2014 – including the iPhone 6 product cycle, potential improvement in networking and the impact from the recent Renesas acquisition. In addition, after several years of overspending on their handset initiatives, we think we are now closer to the point where the company either captures a return on that investment or is forced to moderate spending – either of which benefit profitability. We see the upcoming December analyst meeting as a potential intermediate catalyst."

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 $26.91 yesterday.


Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Analyst Comments, Analyst PT Change, Hot Upgrades, Upgrades

Related Entities

Susquehanna International Group of Companies, Definitive Agreement