Bernstein Research Reiterates on Broadcom Corporation on Mixed Factors
In a report published Tuesday, Bernstein Research analyst Stacy A. Rasgon reiterated an Outperform rating and $30.00 price target on Broadcom Corporation (NASDAQ: BRCM).
In the report, Bernstein Research noted, “We believe investors should be disappointed with Broadcom's management and Board of Directors. Current leadership has not proven to be good stewards of shareholder capital; while intentions may have been good, results have not, and heavy cellular investments have been met with little or no success...However, while stock performance has significantly lagged and investors have suffered, management compensation has substantially climbed. While the stock has significantly underperformed, total pay for top executives has increase by almost 60% over the last few years, and ‘performance-based' bonus payouts have averaged 170% of (apparently easily-met) targets.”
Broadcom Corporation closed on Monday at $27.04.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.