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News > Technology
Broadcom dives lower
November 27, 2000: 4:29 p.m. ET

Shares of the semiconductor maker plunge following analyst's price slash
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NEW YORK (CNNfn) - Shares of the communications semiconductor maker Broadcom Corp. dived in late afternoon trading Monday after Salomon Smith Barney analyst Clark Westmont slashed his 12-month price target on the company from $300 to $200 due to increasing near-term risks in the stock.

Broadcom (BRCM: Research, Estimates) fell $19.47, or 16.62  percent, to $97.66 at the close of Monday's trading on the Nasdaq.

graphicIn a research note Monday, Westmont cited "signs of flattening orders in Broadcom's supply chain, inventory concerns in the digital cable sector," and overall valuation loss in semiconductors stocks in the communications arena.

But Salomon said it is optimistic that Broadcom's concerns "will be short-lived" and is maintaining a "buy" rating on the stock.  

Shares of semiconductors have traded lower this month as investors remain skittish on concerns that chip customers, including Cisco, are slowing orders because of large built-up inventories. graphic

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