Broadcom price target raised to $990 from $900 at Wells Fargo

Wells Fargo analyst Aaron Rakers raised the firm’s price target on Broadcom (AVGO) to $990 from $900 and keeps an Equal Weight rating on the shares after the company and VMware (VMW) announced that they have received all required regulatory approvals, including from China, and intend to close Broadcom’s acquisition of VMware on November 22. While the firm expects additional details on the combined fundamentals to be shared along with Broadcom’s upcoming earnings release on December 7, the analyst is publishing combined estimates for FY24, FY25 and FY26 revenue and EPS, from which the firm derives its adjusted price target.