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Broadcom Added to Citi’s “Top Picks Live” List (BRCM)

By Dividend.com,  June 01, 2012, 09:16:54 AM EDT

Wireless chipmaker Broadcom Corporation ( BRCM ) on Friday caught some bullish commentary from analysts at Citigroup.

The firm said it added BRCM to its prestigious "Top Picks Live" list with a "Buy" rating and $45 price target. That target suggests a massive 39% upside to the stock's Thursday closing price of $32.35.

Citigroup noted that although chip stocks are underperforming, BRCM its well-leveraged to benefit from the new iPhone cycle.

Broadcom shares fell 44 cents, or -1.4%, in premarket trading Friday.

The Bottom Line
Shares of Broadcom ( BRCM ) have a 1.24% dividend yield, based on last night's closing stock price of $32.35. 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 .




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Stocks

Referenced Stocks: BRCM



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