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10:59 AM Eastern Daylight Time, 03/18/2010 (MidnightTrader) — Semiconductor maker Broadcom Corp. (BRCM) is on the rise in morning trade Thursday after Goldman Sachs lifted its rating to "buy" from "neutral."
Goldman analyst James Schneider also raised the target price for Broadcom to $40 from $32, and increased the company’s earnings per share forecast for 2010 to $1.55 from $1.40. For 2011, Schneider raised EPS to $2.00 from $1.90, and he projected 2012 EPS to reach $2.30 from $2.20.
"We believe Broadcom is emerging as one of the most attractive large-cap growth holdings in tech, given our view of its substantial market share gains in handsets and its exposure to secular growth themes such as the increase in mobile data and the rapid adoption of smartphones and tablet," the Goldman analyst said in a research note.
Shares opened at $33.97, and hit a 12-month high of $34.27 shortly after the opening bell.
Price: 33.80, Change: +0.19, Percent Change: +0.57
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