Chip giant Broadcom (NASDAQ:AVGO) shares are on the rise today after it entered into a multiyear, multibillion-dollar deal with tech giant Apple (NASDAQ:AAPL) for the development of 5G radio frequency as well as wireless connectivity components.
This includes FBAR filters which will be designed and produced across multiple sites in the U.S. Importantly, Apple continues to support the U.S. economy with key investments as part of its plans to pour in $430 billion in the country’s economy by 2026.
Overall, analysts are bullish about AVGO stock with a Strong Buy consensus rating based on 14 Buys and three Holds. Shares of the company have gained nearly 31% already over the past year.
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