Here it is halfway through 2007 -- basketball and hockey seasons are behind us and the sleepy summer heat is settling in. That means it's time for a midyear stock review. Up this time is fabless communications chip maker Broadcom (NASDAQ:BRCM). With the S&P gaining 8% in only six short months, we'll review how Broadcom has stacked up and what may be on the horizon for the balance of 2007.

First-half review
Broadcom investors haven't seen a whole lot o' green in the last six months -- stock in the company has gyrated up and down but shows a net loss of 6% so far in 2007. Some of the market misery was handed down when management reported decent first-quarter earnings, but kept quiet about forward guidance because of an uncertain outlook with at least one major customer. While everybody knew the culprit was phone maker Motorola (NYSE:MOT), investors were a little miffed that competitors such as Texas Instruments (NYSE:TXN) were still able to give rosy forecasts for the coming quarter.

Even a few recent patent infringement victories against competitor Qualcomm (NASDAQ:QCOM) haven't boosted shares significantly. And while Broadcom has continued to proclaim advances in silicon products and numerous design wins, the good news hasn't caught up with the pricey stock, which still sports a P/E close to 55.

Second-half prospects
To get a peek at what top investors think of Broadcom's prospects going forward, we can tap the Motley Fool CAPS database of investor opinions and ratings on the stock. CAPS players currently give the company a subpar two-star rating, which the company has held for the bulk of 2007.

Broadcom bears cite the current high valuation of the business and general negativity surrounding semiconductor stocks as reasons to pan the stock. But bulls see a very strong and diversified semiconductor player that has the right products for the right markets (communications). Continued design wins and several new products spread across a list of who's who in top-tier customers such as Cisco (NASDAQ:CSCO), Apple (NASDAQ:AAPL) and Dell (NASDAQ:DELL) have many bulls seeing a long-term growth story, regardless of current valuation.

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Fool contributor Dave Mock would stay silent too, if he only had that choice. He owns shares of Qualcomm and is the author of The Qualcomm Equation. Dell is an Inside Value and Stock Advisor recommendation. The Fool's disclosure policy walks the talk and runs for fun.