Wireless chipmaker Broadcom Corporation (
) on Friday caught some positive comments from analysts at
Jefferies & Co.
The firm reiterated its "Buy" rating on BRCM as well as its $46
price target, suggesting a 24% upside to the stock's Thursday
closing price of $37.02.
A Jefferies analyst commented, "Based on the teardown of iPhone
4S (Nasdaq: AAPL) by iFixit.com, we believe that BRCM is the
supplier of Bluetooth+Wi-Fi combo chip, and remains the vendor of
choice for connectivity of the best-selling smartphones. We
continue to think that BRCM is a good low-risk way of investing in
the growth of smartphones. We reiterate our rating and suggest
buying in front of earnings season."
Broadcom shares 51 cents, or +1.4%, in premarket trading
The Bottom Line
Shares of Broadcom (
) have a .97% dividend yield, based on last night's closing stock
price of $37.02. The stock has technical support in the $32-$34
price area. If the shares can firm up, we see overhead resistance
around the $38-$40 price levels.
Broadcom Corporation (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.1 out of 5 stars.
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, as well as a detailed explanation of
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