JPMorgan keeps an Overweight rating on Broadcom with a $1,700 price target following its artificial intelligence infrastructure analyst day. Management articulated a “compelling and sustainable” growth strategy for its AI datacenter networking/ASIC business, the analyst tells investors in a research note. Broadcom announced a third ASIC customer, which JPMorgan believes is TiKTok/ByteDance. The firm says Broadcom can drive a stable revenue growth profile even in a period of macro volatility given its portfolio breadth, diversification and product cycle.
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