NEW YORK (
shares pulled back in late trades on Friday after the stock saw a healthy gain in the regular session following bullish comments from FBR Capital Markets.
FBR added Broadcom to its top picks list, saying the company is positioned to benefit from strong wireless baseband demand, and the stock rose 5.4% to $36.52 on Friday with volume reaching 23.4 million, more than twice the trailing three-month daily average churn of 9.7 million.
Even with that gain, the shares are still down about 20% so far in 2011, and the stock was last quoted in after-hours action at $34.65, down 5.1%, on volume of around 120,000, according to
Most of Wall Street is bullish on Broadcom with 26 of the 42 analysts covering the stock at strong buy (12) or buy (14), and the median 12-month price target sitting at $45, implying potential upside of 22% from here.
Broadcom shares were trading above $40 before the company's fiscal first-quarter report on April 26. Broadcom beat the average analysts' view for the March-ended quarter but gave a weak guidance.
rose after Friday's closing bell as the company received approval from the Food and Drug Administration of its Dificid anti-bacterial drug for the treatment of clostridium difficile-associated diarrhea in adults 18 years of age and older.
""The incidence and severity of CDAD has increased dramatically in the U.S. in the past decade and is continuing to rise each year," said Sherwood Gorbach, the company's chief scientific officer, in a statement. "DIFICID is an important new first-line treatment option for patients who may be most at-risk of disease recurrence, for whom producing a sustained clinical response is critical."
The stock was last quoted at $13.66, up 5.2%, on volume of 175,000, according to
. That move followed a 7% drop in the regular session to $12.98 on volume of 5.9 million, more than eight times the issue's trailing three-month daily average of around 670,000.
Written by Michael Baron in New York.
>To contact the writer of this article, click here:
>To submit a news tip, send an email to:
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.