The IBD SmartSelect Composite Rating for Broadcom increased from 94 to 96 Tuesday.
The revised score means the stock currently tops 96% of all other stocks in terms of key performance metrics and technical strength. The best stocks tend to have a 95 or better grade as they kick off a significant move so be sure to keep that in mind when looking for the best stocks to buy and watch.
Broadcom is not currently near a proper buy point. On a MarketSmith weekly chart it is barely holding onto a flat base pattern, while moving up from a 10-week pattern.
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The stock earns a 92 EPS Rating, meaning its recent quarterly and annual earnings growth tops 92% of all stocks.
Its Accumulation/Distribution Rating of D- shows moderate selling by institutional investors over the last 13 weeks. Look for the rating to improve to at least a C or better.
The company posted 8% earnings growth for Q3. Top line growth came in at 5%, down from 8% in the previous quarter. The next earnings report is not due for over a month.
Broadcom earns the No. 3 rank among its peers in the Electronics-Semiconductor Fabless industry group. NVIDIA is the No. 1-ranked stock within the group.
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