Broadcom price target raised to $650 from $625 at BofA

BofA analyst Vivek Arya raised the firm’s price target on Broadcom to $650 from $625 and keeps a Buy rating on the shares after raising FY23 and FY24 pro-forma EPS estimate by 2% and 4%, respectively, following the company’s Q4 report and Q1 guidance. Broadcom remains "attractive" given the stock’s low valuation, "best-in-class" free cash flow, strong backlog, pricing power and premium assets, Arya tells investors.