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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