Deutsche Bank reinstated coverage of Broadcom with a Buy rating and $1,500 price target. The analyst continues to see three positive drivers to the shares: artificial intelligence catalysts, mainly custom processing opportunities and AI focused connectivity solutions, accretion potential presented by the recently acquired VMware, and an eventual rebound in the company’s “already de-risked” cyclically levered segments. The firm cites these positive catalysts and the markets favorable outlook on AI related names for the Buy rating.
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