Broadcom Now Rated a “Conviction Buy” at Goldman Sachs (BRCM)

By Staff,

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Wireless chipmaker Broadcom Corporation( BRCM ) on Monday saw its shares added to Goldman Sachs' prestigious "Conviction Buy List."

The firm also set a $44 6-month price target on BRCM, which represents an expected 30% upside to the stock's Friday closing price of $35.74.

A Goldman analyst commented, "we see an attractive entry point for a stock with multiple growth drivers around the theme of mobile data, at a time when market expectations (especially for 4Q) remain very low and valuation is still attractive."

Broadcom shares rose 83 cents, or +2.3%, in premarket trading Monday.

The Bottom Line
Shares of BRCM have a .90% dividend yield, based on last night's closing stock price of $35.74. The stock has technical support in the $32 price area. If the shares can firm up, we see overhead resistance around the $38 price level. We would remain on the sidelines for now.

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 Nasdaq, Inc.

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This article appears in: Investing Stocks
Referenced Stocks: BRCM

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