Broadcom Analyst Decreases Target to $40 and 4 Chip and Big Data Stocks on the Move
Intel Corporation (NASDAQ:INTC) CEO Paul Otellini stated that Microsoft’s (NASDAQ:MSFT) launch of Windows 8 also brings new opportunities for expansion into new markets, along with the threats that is caused bybcompetition from ARM-based chipmakers such as Qualcomm (NASDAQ:QCOM) and Nvidia (NASDAQ:NVDA), according to AllThingsD.
Broadcom Corp. (NASDAQ:BRCM) price target was dropped by Jefferies Group from $42.00 to $40.00 in a research report that was released to investors on Wednesday morning. As of now, the firm gives the stock a Buy rating. “BRCM beat on revs and EPS but guided 4Q revs 400 bps below consensus at the mid-point. BRCM has its two seasonally weakest quarters in 4Q and 1Q, but we think its product cycle gives it better-than-average visibility into growth, and its gross margins have a tailwind with transition from 65nm to 40nm products. We view BRCM as a Moore Stress beneficiary, and like the high quality of earnings.,” the firm’s analyst explained.
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QUALCOMM Incorporated (NASDAQ:QCOM) finished its 19,675-square-foot expansion deal at 8045 Arco Corporate Drive in Brier Creek Corporate Center located in Raleigh, NC.
Seagate Technology PLC (NASDAQ:STX): Zacks decided to keep a Neutral the company’s stock in a research report that was sent to investors on Wednesday morning. As of now, the firm gives the stock a $29.00 price target. Zacks’ analyst state, “Ace disk drive-maker Seagate reported a modest fourth quarter, with revenue improving substantially but EPS missing our expectation. Seagate’s position in the HDD vertical is impressive and full recovery in the HDD industry and increasing demand will solidify the current position. Also, Seagate’s strong foothold in the Enterprise SSD market will help it to generate healthy revenue growth in fiscal 2013 and beyond, which in turn will improve its margins. While the current uncertainty in the PC market (to which Seagate is highly exposed), Euro concerns and competitive offerings from rivals will remain an overhang. We maintain our Neutral recommendation and a target price of $29.00.”
SanDisk Corp. (NASDAQ:SNDK), which is a worldwide leader in flash memory storage solutions, stated that it has named Thomas Rampone as the new senior vice president of the company’s solid state drive business, including SanDisk’s Enterprise Storage Solutions and Client Storage Solutions organizations. Rampone is to report to Sanjay Mehrotra, who is currently SanDisk’s president and CEO.