Broadcom Gives Tech Investors a Boost
Also today, Broadcom endorsed analyst consensus estimates of $1.84 billion in revenue and pro forma EPS of 64 cents for 2004. "We believe those estimates are reasonable and achievable even if Serverworks sees a worst-case scenario," said Ruehle.
At Pacific Crest Securities, analyst Aalok Shah said the updated Serverworks forecast fits broadly with his own expectations. "I think the fact that they're saying they will be competitive with Intel's chipsets is probably the new thing that came out on this call," says Shah.
Shah called the September quarter guidance change "token," however. Shah has a neutral on the stock; his firm has no banking relations with it.
The latest forecast of 10% sequential growth follows Broadcom's guidance of 6% to 8% growth (from revenue of $398 million) issued in July.
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