Broadcom Shares Tumble as Pacific Crest Downgrades, Raises Concerns Related to Co. Involvement with Apple

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Shares of Broadcom
BRCM
are one of the Semi stocks leading the sector lower Tuesday morning following several news items. The stock last traded at $31.96, down nearly 4 percent from Monday's close. An analyst at Pacific Crest, Michael McConnell, downgraded the stock from Outperform to Sector Perform and removed his $41 price target. McConnell pointed at the latest teardowns of Samsung devices which suggested Broadcom has lost sockets. He believes Apple
AAPL
may seek in-house connectivity solutions rather than purchasing from Broadcom, citing recent news from Apple it has been hiring former Texas Instruments
TXN
OMAP/connectivity employees. Despite the new Sector Perform rating, McConnell's price target implies potential upside of nearly 30 percent from where shares of Broadcom are currently trading.
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