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Technology Stocks : Broadcom (BRCM) -- Ignore unavailable to you. Want to Upgrade?

To: Bob Kim who wrote (2947)	10/15/1999 10:56:00 AM
From: Mohan Marette	Respond to of 6531

RESEARCH ALERT - Broadcom 99/00 estimates raised NEW YORK, Oct 15 (Reuters) - Credit Suisse First Boston analyst Paul Weinstein said Friday he raised his 1999 full-year earnings estimates for semiconductor firm Broadcom Corp. (NasdaqNM:BRCM - news) to $0.86 per share from $0.75, and 2000 EPS estimates to $1.24 from $1.10. Also, Morgan Stanley Dean Witter analyst Mark Edelstone said Friday he raised his 1999 earnings estimates for Broadcom to $0.86 per share from $0.75 and increased his 12-month price target to $180 from $160. -- Broadcom shares were off 2-14/16 at 113-15/16 in early morning trading on the Nasdaq stock market amid a broad market decline. -- CSFB's Weinstein raised his 1999 estimates based on improving customer diversity, product breadth, better visibility to acquisition leverage and limited impact of Taiwanese earth quake. -- Weinstein said Broadcom ``blew away' his third quarter expectations when it reported $0.26 per share (before charges) over $0.05 in the year-ago period, beating his Q3 EPS estimate of $0.20 per share. -- Top line growth in the third quarter, up 150 percent, was driven by balanced revenue growth across cable, Weinstein said. -- Weinstein said he believes Broadcom will see expanding addressable market beyond set top box, fast ethernet and cable modem exposure, due to high levels of integration next 18 months, and will see leverage to gigabit ethernet, layer 3 switching, xDSL, home networking, voice over IP, voice over cable, digital TV and satellite transmission. -- Morgan Stanley's Edelstone reiterated his rating of outperform. -- Said revenue grew to a record in the latest quarter and drove a positive EPS surprise of 4 cents. -- Said Broadcom had unseasonably strong demand from the cable set-top box market, networking and cable modem revenue grew sequentially, and Broadcom's overall customer base continued to diversify.