Stock Analysis:Broadcom Corporation (NASDAQ:BRCM) Price Target Change
In an interesting research report finalized by Canaccord Genuity on Thursday morning, Broadcom Corporation (NASDAQ:BRCM) had its target price per share hiked to $59.00. The firm now has a solid Hold rating on shares.
From a total of 23 analysts covering Broadcom Corporation (NASDAQ:BRCM) stock, 7 rate it a ”Buy”, 0 a “Sell”, and 23 a ”Hold”. This means that 23% of the ratings are positive. The highest target price is $64 while the lowest target price is $30. The mean of all analyst targets is $54.37 with a -0.82% below today’s ($57.03) stock price. Broadcom Corporation was the topic of 10 analyst reports since August 4, 2015 according to the firm StockzIntelligence Inc. S&P Research maintained shares on October 27 with “Strong Buy” rating. Cowen & Co maintained shares with “Market Perform” rating and $54 target share price in a report from a July 31. Argus Research downgraded BRCM stock in a recent report from August 20 to “Hold” rating. Finally, Topeka Capital Markets maintained the stock with “Hold” rating in a report issued on a July 31.
Approximately 7.75M shares of stock traded hands or 38.15% up from the average. Broadcom Corporation (NASDAQ:BRCM) has risen 23.95% since April 30, 2015 and is uptrending. It has outperformed by 24.24% the S&P500.
Broadcom Corporation provides semiconductor solutions for wired and wireless communications. The company has a market cap of $33.14 billion. The Firm offers a portfolio of system-on-a-chip solutions (SoCs) that deliver voice, video, data and multimedia connectivity in the home, office and mobile environments. It has 24.81 P/E ratio. The Company’s solutions are used globally by manufacturers and are embedded in an array of communications products.
According to Zacks Investment Research, “Broadcom Corporation is a leading developer of highly integrated silicon solutions that enable broadband digital data transmission to the home and within the business enterprise. The company’s products enable the high-speed transmission of data over existing communications infrastructures, most of which were not originally intended for digital data transmission. The company has designed and developed integrated circuits for some of the most significant broadband communications markets.” Get a free copy of the Zacks research report on Broadcom Corporation (BRCM).