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Hambrecht Narrows Broadcom Rating

W.R. Hambrecht downgraded to Broadcom (BRCM) to neutral from buy.

Analyst Jim Liang says the company cited a higher level of order delays in February and said one of its largest customers terminated a significant contract. Accordingly, Liang lowered his $0.26 Q1 EPS estimate to $0.08, and cut his $377 million revenue estimate to $3135 million.

Liang cut the $1.10 2001 EPS estimate to $0.36 and the $1.58 2002 estimate to $0.91. Also, he trimmed his $1.61 billion 2001 revenue estimate to $1.27 billion and the $2.3 billion 2002 revenue estimate to $1.75 billion.

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