Broadcom’s Estimates Raised at JMP Securities; iPhone Gains Providing Growth (BRCM)

By Staff,

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Wireless chipmaker Broadcom Corporation ( BRCM ) on Friday caught some further positive commentary from analysts at JMP Securities.

The firm maintained its "Market Outperform" rating on BRCM as well as its $42 price target, which suggests an 11% upside to the stock's Thursday closing price of $37.75. JMP Securities also raised its earnings estimates for the company through 2013, noting it appears to have garnered additional market share in the iPhone.

Broadcom shares rose 45 cents, or +1.2%, in premarket trading Friday.

The Bottom Line
Shares of Broadcom ( BRCM ) have a 1.06% dividend yield, based on last night's closing stock price of $37.75. The stock has technical support in the $34 price area. If the shares can firm up, we see overhead resistance around the $40-$41 price levels.

Broadcom Corporation ( BRCM ) is not recommended at this time, holding a 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 Nasdaq, Inc.

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This article appears in: Investing Stocks
Referenced Stocks: BRCM

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