Several investment firms have updated their stock ratings and price targets on shares of Broadcom Corp (NASDAQ: BRCM) in the last week:

  • Broadcom Corp was upgraded by analysts at RBC Capital from a “sector perform” rating to an “outperform” rating. They now have a $48.00 price target on the stock, up previously from $36.00.
  • Broadcom Corp was downgraded by analysts at Wells Fargo & Co. from an “outperform” rating to a “market perform” rating.
  • Broadcom Corp had its “outperform” rating reaffirmed by analysts at FBR Capital. They now have a $43.00 price target on the stock. They wrote, “BRCM shares could rally into the low $40s this year (macro dependent). We are constructive on BRCM given ramping baseband growth with Samsung and others, tailwinds in networking and with Apple in 2H12, and with valuation attractive at a 15x P/E (NTM, conservatively calculated). Beyond this, we think Broadcom is positioned to someday be the second-largest baseband supplier behind Qualcomm, with the 3G/4G baseband market likely coalescing around Qualcomm, Broadcom, Intel, and potentially ST-Ericsson. BRCM is an FBR Top Pick given our view that shares are a core holding in the sector, and given the company’s competitive advantages, product cycles, and strategic importance with customers.”
  • Broadcom Corp had its price target raised by analysts at Citigroup to $42.00. They now have a “buy” rating on the stock.
  • Broadcom Corp had its price target raised by analysts at ISI Group from $43.00 to $44.00. They now have a “buy” rating on the stock. They wrote, “While our current assessment for connectivity is based largely on the near term trajectory for smartphone units, we think Broadcom could also benefit from additional content increase (iPhone 5) and market share (Kindle Fire HD) gains in 2H12. Longer term, we believe both connectivity products and cellular basebands could benefit from improvements in ASPs starting 1H13 based on the adoption of next generation WiFi products (802.11ac) and more powerful integrated basebands/apps processors respectively. Each represents an incremental benefit that has yet to be factored into our numbers or the Street’s, in our view.”

Broadcom Corp opened at 34.57 on Wednesday. Broadcom Corp has a 52-week low of $27.59 and a 52-week high of $39.66. The company has a market cap of $19.325 billion and a price-to-earnings ratio of 25.31.

Broadcom Corporation (Broadcom) is a global semiconductor solution for wired and wireless communications.