UPDATE: Nomura Reduced PT to $29 on Broadcom on Weak Mobile Growth
Nomura reiterated its Buy rating on Broadcom (NASDAQ: BRCM) but lowered its price target from $42 to $37.
Nomura commented, "While overall sales continue to hold up well relative to the sector, we are slightly disappointed with the level of growth in mobile and wireless in Q3. We believe share gains from TXN and 5G WiFi should support above average growth again in 2013. Broadcom reported EPS of $0.57 including options, below our estimate of $0.58. Each business unit grew sequentially in Q3. Q4 sales guidance of $1.95-2.1bn (-4%) is slightly below our estimate of $2.1bn but much closer to seasonality (flat to down 2%) than ALTR, INTC, TXN, and XLNX, which are guiding 5-10 points below normal."
Broadcom closed at $33.36 on Tuesday.
Latest Ratings for BRCM
|Jan 2016||Bernstein||Downgrades||Outperform||Market Perform|
|Oct 2015||B. Riley||Downgrades||Buy||Neutral|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.