Broadcom price target raised to $900 from $800 at Wells Fargo

Wells Fargo analyst Aaron Rakers raised the firm’s price target on Broadcom to $900 from $800 and keeps an Equal Weight rating on the shares. Despite solid results and guidance, Broadcom shares are trading lower as investors likely expected a stronger outlook driven by generative artificial intelligence, the analyst tells investors in a research note. The firm says it will be focused on Broadcom’s ability to reaccelerate growth post a “soft landing” in traditional and non-AI semis businesses.