Shares of Irvine’s Broadcom Corp. fell Tuesday after an analyst said he anticipates delays in chips that are set to go into new phones made by Nokia Corp.
The communications chipmaker saw its stock fall more than 5% on a recent market value of about $10 billion.
Broadcom’s stock plunged to below $19 a share, marking a three-year low.
UBS analyst Uche Orji said that “inside checks” revealed the company’s expected revenue gains for making chips for Nokia cell phones may not appear until the second quarter of 2009, according to an Associated Press report.
Broadcom, which hasn’t announced any delays, said it expected to see gains this year.
The analyst lowered his price target to $35.50 from $39. The company’s stock had been hovering around $31 during the earlier half of the past 12 months.
Shares are off some 44% during the past six months.