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UPDATE: Citi Downgrades Broadcom Citing Risk

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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

DateFirmActionFromTo
Jan 2016BernsteinDowngradesOutperformMarket Perform
Oct 2015B. RileyDowngradesBuyNeutral
Aug 2015WedbushDowngradesOutperformNeutral

View More Analyst Ratings for BRCM
View the Latest Analyst Ratings

Posted-In: Citi Glen YeungAnalyst Color Downgrades Analyst Ratings

 

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