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UPDATE: Jefferies & Company Reiterates Buy Rating, Lowers PT on Broadcom Corporation

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In a report published Wednesday, Jefferies & Company reiterated its Buy rating on Broadcom Corporation (NASDAQ: BRCM), but lowered its price target from $42.00 to $40.00.

Jefferies noted, “BRCM beat on revs and EPS but guided 4Q revs 400 bps below consensus at the mid-point. BRCM has its two seasonally weakest quarters in 4Q and 1Q, but we think its product cycle gives it better-than-average visibility into growth, and its gross margins have a tailwind with transition from 65nm to 40nm products. We view BRCM as a Moore Stress beneficiary, and like the high quality of earnings.”

Broadcom Corporation closed on Tuesday at $33.36.

Latest Ratings for BRCM

DateFirmActionFromTo
Jan 2016BernsteinDowngradesOutperformMarket Perform
Oct 2015B. Riley FBRDowngradesBuyNeutral
Aug 2015WedbushDowngradesOutperformNeutral

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Posted-In: Jefferies & CompanyAnalyst Color Price Target Analyst Ratings

 

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