Dallas, Texas 08/02/2013 (Financialstrend) – Shares of Broadcom Corporation (NASDAQ:BRCM) had recently been witnessing reduction in the price targets by various research analysts in the market. Analysts at Wedbush had cut down the prices for the shares of the company to the level of $35 per share from the earlier $39 per share. In another research report to the investors, the stock price target had been fixed at the level of $33.00 per share. Further, two analysts on the market had lowered the rating given to this stock to the sell rating and 14 analysts had issued hold rating to the shares.
However, it is worth noting that around 27 analysts had accorded buy rating to the stock of Broadcom Corporation (NASDAQ:BRCM) with a price target of $36.99 per share. The company had been experiencing lower trades in the shares for the past one year and recently there had been a trade down effect which had set on this stock. The shares had been lowering to levels below $30 per share and there had not been any marginal gains in the recent past to present confidence to the investors. With such consensus reduction in price targets for the company, it is expected that there would be further decline in prices in the near future.
Broadcom Corporation (NASDAQ:BRCM) had closed at $27.63 per share on Thursday, a gain of 0.22% over the previous close. The stock witnessed a trading volume of 17.88 million shares on the day moving between low price of $27.34 and high price of $37.85 per share. The 52 week low for the stock is at $26.58 per share and 52 week high is at $37.85 per share. Average volume of trading is 579 million shares per day and there are 11.49 million shares in the market institutional holdings of 77% of total capital.