UPDATE: Citi Downgrades Broadcom Citing Risk
In a report published on Wednesday, Citi analyst Glen Yeung downgraded Broadcom (NASDAQ: BRCM) from Buy to Neutral and lowered the price target from $41 to $34.
In the report, Citi noted, "We are downgrading shares of Broadcom from Buy to Neutral, reflecting our concerns that multiples are likely to be capped as decelerating smartphone industry growth and increasing connectivity competition hamper revenues".
Broadcom closed on Tuesday at $31.83.
Latest Ratings for BRCM
|Jan 2016||Bernstein||Downgrades||Outperform||Market Perform|
|Oct 2015||B. Riley||Downgrades||Buy||Neutral|
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