Markets & Finance

Morgan Stanley Raises Broadcom Rating


Morgan Stanley upgraded its investment rating on shares of Broadcom (BRCM) to overweight from equal-weight.

Analyst Mark Edelstone says the upgrade was based on valuation. He believes the company's fundamentals are recovering. He says the stock price is down 48% since January. Edelstone expects enterprise networking, server/storage, and broadband revenues to grow quarter-over-quarter through the rest of the year. He notes that bookings momentum has been strong, visibility has increased, and new products have begun to ramp.

The analyst has an $0.11 2002 loss per share estimate on Broadcom. He sees Broadcom posting $0.40 EPS in 2003. Edelstone has a $60 price target on the shares.


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