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NEW YORK - An analyst assumed coverage of, and boosted a rating and price target on Broadcom Corp. Monday, saying a few of the semiconductor company's product cycles may be able to help boost revenue.
Piper Jaffray analyst Gary W. Mobley upgraded the Irvine, Calif., company to "Buy" from "Neutral" and raised the price target to $31 from $24.
The new target implies he expects the stock to jump 18 percent over Thursday's $26.22 close.
"Despite the maturity and diversity of the company, we believe there are a few product cycles large enough to cause the company's revenue to accelerate and outpace current consensus estimates," Mobley said in a note to clients.
Potential areas for revenue growth include Apple Inc.'s 3G iPhone and the overall migration to high-definition video, among others, he said.
So far this year, shares have risen less than 1 percent.
A company representative was not immediately available for comment.
U.S. stocks fell on Wednesday after signs of weakening employment and a contraction in service industries overcame earlier gains in the trading s...
China markets opened lower on Tuesday morning as the investors' confidence hit by the signals that global recession are deepening.
The markets have spoken: risk aversion is still the name of the game and that was obvious since the beginning of the week.
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