JPMorgan reiterates overweight rating on Broadcom after unconfirmed rumor triggers stock sell-off
By
Hillary Remy
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Summary
Broadcom's stock dropped nearly 7% over an unconfirmed supply chain rumor about a chip program with Google potentially running late. JPMorgan analyst Harlan Sur called the sell-off overdone, reiterating an overweight rating and advising clients to be aggressive buyers. The stock rebounded over 4% following the analyst's endorsement.
Key quotes
· 2 pulledJPMorgan analyst Harlan Sur essentially called that reaction overdone.
The bank reiterated its overweight rating and told clients they should be 'aggressive buyers at current levels.'
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