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Broadcom Upgraded to “Outperform” at Oppenheimer; Sees 43% Upside (BRCM)

By Dividend.com,  April 06, 2011, 08:25:59 AM EDT

Wireless chipmaker Broadcom Corporation ( BRCM ) on Wednesday caught a big upgrade from analysts at Oppenheimer.

The firm said it boosted its rating on BRCM from "Perform" to "Outperform" with a $55 price target. That target suggests a massive 43% upside to the stock's Tuesday closing price of $38.45.

Oppenheimer noted the stock's recent pullback (down more than 11% year-to-date) has created a buying opportunity.

Broadcom shares rose 94 cents, or +2.4%, in premarket trading Wednesday.

The Bottom Line
Shares of Broadcom ( BRCM ) have a .94% dividend yield, based on last night's closing stock price of $38.45. The stock has technical support in the $36-$38 price area. If the shares can firm up, we see overhead resistance around the $42 price level.

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



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