BofA raised the firm’s price target on Broadcom to $2,150 from $2,000 and keeps a Buy rating on the shares. Driven by growing AI and VMWare contributions, the firm sees Broadcom transforming to “a growth from a value stock,” the analyst tells investors. Broadcom’s traditional semis/software grew at a 5%-10% normalized pace, but the firm expects growth to inflect two times towards a 13% compound annual growth rate from FY24-26, the analyst noted.
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