JPMorgan analyst Harlan Sur raised the firm’s price target on Broadcom (AVGO) to $400 from $325 and keeps an Overweight rating on the shares. The company reported better than expected results and issued a solid revenue outlook, driven by accelerating artificial intelligence demand, stabilizing non-AI semiconductors, and continued solid momentum from VMware, the analyst tells investors in a research note. JPMorgan says Broadcom announced that one of its four major customer engagements has now become a qualified customer, with $10B in orders secured. It believes the customer to be OpenAI. Broadcom remains its top pick in semiconductors.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on AVGO:
- Broadcom price target raised to $345 from $255 at Wells Fargo
- Broadcom price target raised to $400 from $300 at BofA
- Broadcom price target raised to $400 from $265 at Barclays
- Broadcom’s AI Market Surge: Vivek Arya’s Buy Rating Highlights Strong Growth and Strategic Positioning
- Broadcom’s Balanced Prospects: Hold Rating Amid AI Growth and Market Uncertainties