Market Overview

UPDATE: Nomura Reduced PT to $29 on Broadcom on Weak Mobile Growth

Share:
Related BRCM
Short Interest Is Plunging In These 3 Chip Stocks
JP Morgan: Broadcom's Team Is 'Executing Well'
Chip product launches: ARMH, EZCH, BRCM, NXPI, XLNX, IDTI (Seeking Alpha)

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

DateFirmActionFromTo
Feb 2015BarclaysMaintainsEqual-weight
Jan 2015JMP SecuritiesDowngradesMarket OutperformMarket Perform
Dec 2014Evercore ISIUpgradesHoldBuy

View More Analyst Ratings for BRCM
View the Latest Analyst Ratings

Posted-In: NomuraAnalyst Color Price Target Intraday Update Analyst Ratings

 

Related Articles (BRCM)

Around the Web, We're Loving...

Get Benzinga's Newsletters

Benzinga PRO content