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

By Dividend.com,  October 11, 2010, 09:03:47 AM EDT

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 Dividend.com 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.


This article appears in: Investing, Stocks

Referenced Stocks: BRCM



Latest News Video

Sexual Assault Scandals Rock Military as House Panel Acts
Sexual Assault Scandals Rock Milita...
Shock Over London Killing
Shock Over London Killing           


Sign-in
Existing NASDAQ.com member? Log in here.

By signing into to the site using any of the third-party services above, you agree to NASDAQ.com's Terms of Use.

From Our Trusted News Source





Most Active by Volume:

Company Last Sale Change Net / %
BAC $ 13.31 0.13  0.97%
PFE $ 29.30 0.52  1.81%
GE $ 23.86 0.20  0.85%
F $ 14.97 0.02  0.13%
MSFT $ 34.61 0.24  0.69%
QQQ $ 73.65 0.62  0.83%
MU $ 10.92 0.31  2.76%
INTC $ 24.07 0.08  0.33%