Truist raised the firm’s price target on Broadcom to $1,566 from $1,240 and keeps a Buy rating on the shares. The company beat on its Q1 earnings as its AI exposure ticked up meaningfully in the quarter and the FY24 outlook, overwhelming downside from a cyclical bottoming in non-AI semis, especially in storage and broadband, the analyst tells investors in a research note. The incremental AI accelerator customer and growing revenue are driving the upside to its estimates, the firm added.
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