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Goldman Trims Broadcom Estimates

Goldman Sachs trimmed its estimates on Broadcom (BRCM).

The broadband services provider said it is unlikely to achieve its previously stated 2001 revenue and EPS targets. Analyst Nathaniel Cohn says the company on Thursday cited deteriorating business conditions but was unable to comment on the extent of a 2001 shortfall because momentum has only recently begun to deteriorate. Cohn says Broadcom's visibility is becoming more limited, and the company is seeing some push-outs across its various businesses. He cut his $1.54 2001 EPS estimate to $1.40, and cut his $2.25 billion 2001 revenue estimate to $2.09 billion. Cohn warned of possible further cuts during the first half of 2001 if he's not comfortable with his 2001 growth estimates of 58% for organic revenues and 40% for EPS. He has a market perform rating on the stock.

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