Shares of Broadcom (NASDAQ:AVGO) are higher in today’s trading session. This is likely attributable to new coverage from analyst Cody Acree of Benchmark, who issued a Buy rating with a price target of $770.
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Acree cited Broadcom’s “aggressive acquisitions and prudent divestitures” as keys to its success historically. He also pointed to the firm’s impressive profitability as evidence of a stable and attractive business despite industry headwinds. Acree is also optimistic about Broadcom’s acquisition of VMware (NYSE:VMW), which he believes would allow the firm to successfully compete in the web services market.
Overall, Wall Street has a consensus price target of $702.50 on AVGO stock, implying 12.83% upside potential, as indicated by the graphic above.