A Chip Off The Old Block.

Multichannel News, August, 1999

BancBoston Robertson Stephens initiated coverage of communications-chip maker Broadcom Corp. with a "buy" rating and helped send the company's stock up by nearly 10 percent last week, closing at $128 each on July 28, up $11.38 per share. BancBoston also raised Its earnings forecast for the company -- which makes high-speed chips for cable modems and digital set-top boxes -- to 77 cents per share in 1999 and $1.10 per share in 2000.

This was the third analyst upgrade of Broadcom in about a week. On July 22, Credit Suisse First Boston raised its price target for the stock from $125 to $155 per share, and upped its 1999 earnings estimate to 75 cents per share. That same day, Morgan Stanley Dean Witter raised its price target to $160 from $120.