UBS Downgrades Broadcom From Buy to Neutral and 2 Other Hot Stocks to Watch
Broadcom Corp. (NASDAQ:BRCM): Current price $26.98
On Friday, UBS downgraded Broadcom shares to Neutral from Buy because of slumping smartphone growth, only moderate cellular SoC growth, and headline risk due to combo connectivity chip share loss. The firm also reduced Broadcom’s price target from $35 to $30. Shares were down almost 2.5 percent just before noon.
Mylan Inc. (NASDAQ:MYL): Current price $36.24
The number-two American manufacturer of generic drugs reported that its 2013 sales will be at the low end of its forecast between $7 billion and $7.4 billion. On Friday, as a presentation, Chief Financial Officer John Sheehan blamed foreign currency exchange rates, although he estimated that Mylan’s sales would still fall within the range it projected for the year. The drug maker will likely hit its annual earnings forecast of $2.75 to $2.95 per share excluding some items, according to Sheehan, who observed that, “We are on track to deliver on the guidance and the commitments we made.”
Micron Technology, Inc. (NASDAQ:MU): Current price $13.51
Micron will host an analyst conference next Friday, August 9. Chief Executive Mark Durcan and other executive officers will present the company’s strategy, talk about Micron’s recent purchase of Elpida Memory, Inc., and provide an update on current market conditions. At the analyst conference, presentations by Micron executives will begin at 10 a.m. EST.