Broadcom resumed with an Equal Weight at Wells Fargo

Wells Fargo analyst Aaron Rakers resumed coverage of Broadcom with an Equal Weight rating and $580 price target. Rakers is positive on Broadcom’s competitive and core franchise positioning and the continued drivers of a significant capital return thesis, but is taking a cautious near-term approach on risks associated with a semi down-cycle into 1H23, the analyst tells investors in a research note.