Citigroup Raises Estimates for Broadcom (BRCM)
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.
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