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Bull Run On BRCM

Staff -- Multichannel News, 4/2/2000 8:00:00 PM

WR Hambrecht & Co. initiated coverage of Broadcom Corp. (symbol: BRCM) with a buy rating and a price target of $295 per share, citing the broadband-communications-chip maker's dominant market position and aggressive acquisition strategy. Based on that strategy, Hambrecht believes revenue at Broadcom could more than double next year to $1.2 billion from $518.2 million in 1999. "We believe shares of Broadcom are an ideal choice for investors looking to participate in the expected long-term growth of broadband communications," Hambrecht analyst Jim Liang wrote in his report.

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