Broadcom price target raised to $1,500 from $1,250 at BofA

BofA raised the firm’s price target on Broadcom to $1,500 from $1,250 and keeps a Buy rating on the shares ahead of the company reporting fiscal Q1 earnings post-close on Thursday, March 7. Given that management shifted to an annual rather than quarterly outlook from the past EPS call, there is an unusually wide variance among consensus Q1 expectations, the firm noted. It’s possible stock volatility will be seen if FY24 estimates are broadly unchanged, but BofA expects any stock pullback to be likely short lived as investors look forward to Broadcom’s AI Investor Day coming on March 20, the analyst added.