Deutsche Bank raised the firm’s price target on Broadcom to $950 from $905 and keeps a Buy rating on the shares. The company reported “another one of its trademark slight beat and raises” in fiscal Q3, with softening cyclical conditions in areas such as server storage connectivity and broadband being more than offset by upside in artificial intelligence demand, the analyst tells investors in a research note. The firm believes Broadcom successfully addressed two focus areas of investors with AI revenues going up by 50% quarter-over-quarter in Q4 and likely being over 25% of semi sales in fiscal 2024.
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