Broadcom (AVGO) stock was up on Thursday after a top Wall Street analyst increased his price target for the semiconductor company’s shares. Five-Star Wells Fargo analyst Aaron Rakers reiterated a Buy rating and increased his price target to $545 from $430, suggesting a possible 25.94% upside for the shares.
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New trading tool for NVDA bearsRakers’ increased price target today is important for Broadcom stock. It signals increased confidence in the company after the shares surpassed his prior price target. It makes sense that Rakers sees more upside for AVGO stock. The AI boom is ongoing, meaning there’s plenty of demand for products and services from Broadcom. This has also boosted several shares in the sector higher recently, including Nvidia (NVDA), Advanced Micro Devices (AMD), and Arm (ARM). A new report from UBS also highlighted increased demand for server processors due to the rise of agentic AI.
Rakers isn’t the only analyst with a recent bullish stance on Broadcom stock. Five-star Bank of America analyst Vivek Arya also maintained a Buy rating for the shares, though he didn’t provide a price target. Additionally, five-star Citi analyst Atif Malik assigned the stock a Buy rating yesterday and boosted his price target to $500 from $475, implying a potential 15.55% upside for the shares.
AVGO Stock Movement Today
Broadcom stock was up 4.17% on Thursday, extending a 25.7% year-to-date rally. The stock has also climbed 79.16% over the past 12 months.
Trading activity today saw some 10.7 million shares change hands, which is well below the company’s three-month average daily trading volume of about 25.16 million shares.
Is Broadcom Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Broadcom is Strong Buy, based on 26 Buy and four Hold ratings over the past three months. With that comes an average AVGO stock price target of $473.74, representing a potential 9.02% upside for the shares.
