Truist raised the firm’s price target on Broadcom (AVGO) to $267 from $260 and keeps a Buy rating on the shares. The company posted upside to Q1 results while its Q2 guidance is driven somewhat by software but mostly by AI, which overwhelmed weakness in Broadcom’s heritage semi markets, the analyst tells investors in a research note. The management also highlighted four “pre-customers” that could accelerate annual sales growth to a “stunning” above 30% rate, the firm adds.
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