Broadcom Corp. Coverage Initiated at ISI Group (BRCM)

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Research analysts at ISI Group assumed coverage on shares of Broadcom Corp. (NASDAQ:BRCM) in a report released on Thursday, TheFlyOnTheWall.com reports. The firm set a “neutral” rating and a $32.00 price target on the stock. ISI Group’s target price points to a potential upside of 9.14% from the stock’s previous close.

Shares of Broadcom Corp. (NASDAQ:BRCM) opened at 29.32 on Thursday. Broadcom Corp. has a 52 week low of $23.25 and a 52 week high of $37.85. The stock has a 50-day moving average of $30.68 and a 200-day moving average of $28.71. The company has a market cap of $17.035 billion and a price-to-earnings ratio of 40.16. Broadcom Corp. also was the recipient of some unusual options trading on Friday. Stock traders purchased 11,712 put options on the company. This is an increase of approximately 306% compared to the average volume of 2,888 put options.

Broadcom Corp. (NASDAQ:BRCM) last posted its quarterly earnings results on Thursday, January 30th. The company reported $0.60 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.57 by $0.03. The company had revenue of $2.06 billion for the quarter, compared to the consensus estimate of $2.02 billion. On average, analysts predict that Broadcom Corp. will post $2.44 earnings per share for the current fiscal year.

Several other analysts have also recently commented on the stock. Analysts at Piper Jaffray downgraded shares of Broadcom Corp. from an “overweight” rating to a “neutral” rating in a research note on Wednesday, April 2nd. Separately, analysts at FBR Capital Markets raised their price target on shares of Broadcom Corp. from $34.00 to $35.00 in a research note on Wednesday, March 12th. They now have an “outperform” rating on the stock. Finally, analysts at Zacks reiterated an “outperform” rating on shares of Broadcom Corp. in a research note on Wednesday, February 5th. They now have a $35.00 price target on the stock. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and twenty-one have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $32.36.

In other Broadcom Corp. news, EVP Robert Rango unloaded 14,061 shares of the stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $31.41, for a total transaction of $441,656.01. Following the completion of the sale, the executive vice president now directly owns 428,606 shares in the company, valued at approximately $13,462,514. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Broadcom Corporation (NASDAQ:BRCM) is a global semiconductor solution for wired and wireless communications.

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