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Needham Upgrades Broadcom to Hold

Broadcom (BRCM) reported 34 cents, vs. 35 cents, second-quarter earnings per share before items. Needham upgraded the stock to hold.

Analyst Charlie Glavin tells S&P MarketScope that the company blew away Street expectations for 25 cents second-quarter EPS and its third-quarter guidance was robust, but the stock is fairly valued at current trading levels (hence upgrade to hold from underperform).

He believes the downside risk is mostly removed as the breadth of product offering advantage for Broadcom should provide more stable 20% growth over the course of a year.

Glavin raised his 2005 EPS estimate to $1.34 from $1.02, and 2006's to $1.75 from $1.27.

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