Broadcom Downgraded to “Market Perform” at Wells Fargo (BRCM)

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Wireless chipmaker Broadcom Corporation ( BRCM ) on Friday caught a downgrade from analysts at Wells Fargo on a valuation call.

The firm said it downgraded BRCM from "Outperform" to "Market Perform," but boosted its Valuation Range to $42-$51 from $40-$45. Broadcom shares closed at $46.55 on Thursday.

A Wells analyst commented, "Broadcom has built up over the years what we consider to be an impressive base of logic and mixed signal expertise associated with communications semiconductors. We think Broadcom's vast communications product portfolio offers good engineering and marketing synergies between many of the product lines. However, in our view, the positive attributes of the company are already reflected in Broadcom's stock price."

Broadcom shares fell 78 cents, or -1.7%, in premarket trading Friday.

The Bottom Line
Shares of Broadcom ( BRCM ) have a .69% dividend yield, based on last night's closing stock price of $46.55. The stock has technical support in the $40 price area. If the shares can continue to uptrend, we see overhead resistance around the $49 price level.

Broadcom Corporation ( BRCM ) is not recommended at this time, holding a DARS™ Rating of 3.4 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.

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This article appears in: Investing , Stocks

Referenced Stocks: BRCM

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