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UPDATE: Wedbush Securities Reduces PT to $39 on Broadcom on Mute Outlook

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Wedbush Securities reiterated its Outperform rating on Broadcom (NASDAQ: BRCM) but reduced its price target from $41 to $39.

Wedbush Securities commented, "We expect a modest beat, but like peers, look for macro uncertainties and limited visibility to push Q4 guidance below Street estimates. We wouldn't be surprised to see shares being pressured lower on a muted outlook and would view this as a buying opportunity. BRCM remains one of our top defensive plays in an especially tough semi tape as we believe it is (1) levered to the mobile market with considerable market share (75+%) in connectivity chips, (2) a solid derivative play to Apple, and (3) end-toend solutions in 10Gigabit and KBPs will benefit when wireline/wireless infrastructure growth resumes."

Broadcom closed at $33.33 on Friday.

Latest Ratings for BRCM

DateFirmActionFromTo
Jan 2016BernsteinDowngradesOutperformMarket Perform
Oct 2015B. RileyDowngradesBuyNeutral
Aug 2015WedbushDowngradesOutperformNeutral

View More Analyst Ratings for BRCM
View the Latest Analyst Ratings

Posted-In: Wedbush SecuritiesAnalyst Color Price Target Intraday Update Analyst Ratings

 

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