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Broadcom Started as an “Outperform” at Wedbush (BRCM)

By Dividend.com,  June 11, 2012, 08:35:41 AM EDT

Wireless chipmaker Broadcom Corporation ( BRCM ) on Monday caught some bullish commentary from analysts at Wedbush Research.

The firm initiated coverage on BRCM with an "Outperform" and a $40 price target, suggesting a 17% upside to the stock's Friday closing price of $34.06. Wedbush noted that Broadcom has multiple potential growth drivers in coming quarters, hence the positive view.

Broadcom shares posted modest gains in premarket trading Monday.

The Bottom Line
Shares of Broadcom ( BRCM ) have a 1.17% dividend yield, based on Friday's closing stock price of $34.06. The stock has technical support in the $30 price area. If the shares can firm up, we see overhead resistance around the $36-$38 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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