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Technology Stocks : Broadcom (BRCM)
BRCM 54.670.0%Feb 9 4:00 PM EST
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To: Kevin Kessel who wrote (2481)8/21/1999 6:51:00 AM
From: Keith A Walker   of 6531
 
From the Merrill report:

"We recognize that valuation is extended on any measure if one looks at 1999 revenue and earnings. We encourage investors to focus on what we have been saying for some time - Broadcom is on track to be at a $900 million annual revenue run rate by mid-2001. The company, when it gets there, should still be delivering annual growth in the 30% to 40% range. At that point the company could easily be capitalized at $20 billion, based on valuations currently being applied to communications-intensive semiconductor companies. We think that represents attractive upside from the current level - our price objective is $157."

There are some CYA statements in the above, however, when the $157 price objective is reached, given nothing else changes, Osha will raise his price target to $180. This according to my guy at Merrill: Osha is extremely bullish on BRCM.
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