Broadcom Down As Analyst Cuts Estimate

Friedman Billings Ramsey analyst Craig Berger lowered his earnings-per-share estimate for fiscal 2009 to $1.40 from $1.45.

In a note to clients, Berger said most of the negative news surrounding Broadcom is already reflected in its stock price.

The analyst said he recommends buying the shares at their current value.

"We think Broadcom's first-quarter sales tracked in the upper half of its revenue guidance range, and that second-quarter guidance should be good enough to satisfy worried investors," he said.

Broadcom is scheduled to report its quarterly results April 22.

Broadcom shares fell 81 cents, or 3.9 percent, to $20.19 in afternoon trading. Shares have traded in the last year between $16.38 and $43.07.