Evercore ISI analyst Matthew Prisco initiated coverage of Broadcom with an Outperform rating and $1,620 price target. Investors are underestimating the length of AI and parallel processing era, with “another decade ahead”, as well as the competitive landscape beyond the dominant player, the analyst tells investors in a research note. Evercore adds that Broadcom has a unique portfolio combining leading high-speed datacenter switching, leading custom AI processor capabilities and high-end integrated RF solutions for the handset market, and the firm views the company’s semiconductor portfolio being “well positioned for the AI era”.
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