For the record:
01/19/00 – Dain Rauscher Wessels raises price target from $150 to $215. Stock closed at $159.03
02/09/00 – D.B. Alex Brown starts at Strong Buy. Stock closed at $168.47
02/24/00 – In the intoxicating stupor of the NASDAQ approaching 5000, Paine Webber initiates coverage at Attractive. Stock closed at $186.88 – over 405 times trailing earnings.
11/27/00 – Salomon Smith Barney cuts price target from $300 to $200, citing “flattening orders” among others, but reiterates a Buy rating, claiming that such concerns are “already built into the stock.” Stock closed at $97.56
11/29/00 – Morgan Stanley Dean Witter ups stock from Outperform to Strong Buy, reflecting the “recent sell-off, strength of business conditions and current valuation parameters.” FYI: Those “valuation parameters” were more than 206 times earnings. Stock closed at $95.00
12/06/00 – C.E. Unterberg Towbin initiates coverage at Buy. Stock closed at $115.63
01/24/01 – Kaufman Brothers ups stock to Accumulate from Hold. Stock closed at $124.94
02/01/01 – Lehman Brother initiates coverage with Market Perform rating. Stock closed at $107.00
02/26/01 – UBS Warburg cut its 12-month price target from $300 to $160, but maintained a rating. Stock closed at $63. 12 months later, the stock closed 45% lower at $34.65 or 78.4% below target.
03/01/01 – Salomon Smith Barney dropped stock to Outperform – after insiders already unloaded 3,086,990 shares. A week later, the stock was dropped it to Neutral. Stock closed at $40.25
04/04/01 – Stock closes at a new 52-week low of $21.37
04/20/01 – After BRCM reports a $2.7 BILLION loss and at least 28 law firms filed suit against the company, J.P. Morgan ups stock to Long-Term Buy. Stock closed at $40.62
05/04/01 – Hotovec Pomeranz initiates coverage at Buy. Stock closed at $42.99
05/14/01 – Friedman Billings starts coverage at Market Perform and Lehman Brother ups stock to Buy from Market Perform. Stock closed at $37.20
06/08/01 – Prudential ups stock to Buy. Stock closed at $36.79
07/12/01 – W.R. Hambrecht upgrades stock from Neutral to Buy. Stock closed at $37.25
07/19/01 – After BRCM reports a $436 million loss, Goldman Sachs upgrades the stock to Market Performer. Stock closed at $30.69
09/04/01 – Salomon Smith Barney ups stock to Outperform. Stock closed at $30.73
10/01/01 – Stock closes at a new 52-week low of $18.77
10/18/01 – CSFB upgrades stock to Buy from Hold. Stock closed at $29.94
11/02/01 – ABN Amro upped stock to Add claiming the inventory correction that “decimated” the industry over the past year-and-a-half, “has run its course.” Stock closed at $37.85
11/13/01 – Pacific Growth starts stock at Buy. Stock closed at $45.59
11/27/01 – Bank of America initiates coverage at Buy. Stock closed at $49.92
01/09/02 – CIBC World Markets starts stock at Buy. Stock closed at $48.52
02/19/02 – UBS Warburg ups stock from Hold to Buy and raises its price target to $50 (whatever happened to $300?) Stock closed at $34.31
02/25/02 – Frost Securities starts coverage at Buy. Stock closed at $34.49
04/09/02 – C.E. Unterberg upgrades stock to Short-Term Long-Term Buy (what happened to the previous buy at $115.63?) Stock closed at $44.16
04/19/02 – A.G. Edwards ups stock to Buy. Stock closed at $38.56
05/07/02 – CIBC World Markets ups stock to Strong Buy with a price target of $55 and Pacific Growth reiterates its Buy rating, believing the sell-off was overdone. Stock closed at $24.72, almost half of what it was when coverage was initiated just four months earlier.
06/18/02 – Morgan Stanley ups stock to “Overweight” to “Equal Weight” citing improving fundamentals and valuation (what happened to the Strong Buy at $95?) Stock closes at $22.15.
09/17/02 – Stock closes at a new 52-week low of $13.59 |
