Preferred Capital Markets, Inc. Upgrades Its Rating of Broadcom Corporation
To an ACCUMULATE From a HOLD Rating
SAN FRANCISCO, Jan. 27 /PRNewswire/ -- The following is being issued by Preferred Capital Markets, Inc., a member of the National Association of Securities Dealers, CRD number 10993:
Preferred Capital Markets, Inc, a brokerage firm servicing both institutional and individual investors with a focus in technology, telecommunications and medical technology today upgrades its rating of Broadcom Corporation (Nasdaq: BRCM - news) to an ACCUMULATE from a HOLD rating and initiates a 12-month price target of $150.
Senior Equity Analyst Joel Achramowicz originally published a research report on November 4 1998 on Broadcom; a developer of highly integrated silicon solutions that enable broadband digital data transmissions to the home and within the business enterprise. Broadcom's products enable the high-speed digital transmission of data over existing communications media, including twisted pair copper wire, hybrid fiber coax, and wireless.
''Broadcom stock has been afforded an extreme valuation since going public, not unlike the Internet and software players,'' Achramowicz reported. ''We are obviously quite excited by the numbers the Company posted and will probably post into the near-term future.'' He adds, ''Broadcom is hitting on all cylinders and will most likely continue this momentum into the FY1999 and perhaps the early part of FY2000 before we see any telltale signs of weakness. Broadcom is one of the hottest fabless communications companies in the market.''
Joel has worked in the high technology industry since 1980. His extensive knowledge in high technology, especially data networking comes from operating positions that he's held with companies like Hewlett-Packard in addition to various, smaller high tech businesses. Other companies Joel currently covers include Novell, Inc., Network Equipment Technologies, Inc., Level One Communications, Inc., and Auspex Systems, Inc among others.
Joel became a securities analyst in 1994 and has followed the data communications sector through various positions at Dakin Securities and L.H. Alton. Joel earned his BA in Economics from Claremont McKenna College, a BS in Electrical Engineering from Stanford University, and a MS in Computer Engineering and Architecture from the University of Southern California.
Preferred Capital Markets, Inc. provides proprietary research and trade execution services on an agency and principal basis for the securities and options markets. Clients include institutional investors, money managers, floor traders, and high net worth individuals. Founded in 1982, Preferred Capital Markets is headquartered in San Francisco with offices in Boston, Chicago, New York, Miami, and Philadelphia.
SOURCE: Preferred Capital Markets, Inc |
