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Citigroup Raises Estimates for Broadcom (BRCM)

By
November 29th, 2012

Citigroup Raises Estimates for Broadcom (BRCM)

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Citigroup reported increased estimates on Thursday for communications company, Broadcom Corporation(BRCM).

The firm reported that they are increasing estimates until 2014. Guidance is expected to increased at the December 6 analyst day. Citigroup currently has a $41 price target on the company, suggesting a 30% increase from the stock’s current price of $32.40.

Broadcom shares were up 24 cents, or 0.75% during premarket trading Thursday. The stock is up 9.54% YTD.

The Bottom Line
Shares of Broadcom (BRCM) have a 1.24% dividend yield, based on last night’s closing stock price of $32.16. The stock has technical support in the $28-$30 price area. If the shares can firm up, we see overhead resistance around the $34-$36 price levels.

Broadcom Corporation(BRCM) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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Disclaimer: Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. The author is not registered as an investment adviser. The author may or may not hold positions in the securities mentioned in this article or video. The author relies upon the "publisher's exclusion" from the definition of "investment adviser" as provided under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws.