Salomon Cuts Broadcom Price Target, Maintains Buy Rating
Shares of
Broadcom
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tumbled after
Salomon Smith Barney
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cut its 12-month price target on the company to $200 from $300, citing flattening orders, inventory concerns in the digital cable sector and increasing risks in semiconductor stocks.
Shares of Broadcom were recently down 13.3%, or $15.63, to $101.50 in
Nasdaq
trading. The 52-week high is $274.75.
However, Salomon maintained a buy rating on Broadcom, indicating that the concerns were largely priced into the stock and that any fundamental problems would be short-lived.
