Citi analyst Christopher Danely has reiterated their bullish stance on AVGO stock, giving a Buy rating today.
Christopher Danely has given his Buy rating due to a combination of factors including Broadcom’s strong performance in AI-related sales and its positive financial outlook. The company reported better-than-expected results, with revenue and gross margins exceeding consensus estimates, largely driven by the strength in AI semiconductors and software sales. Broadcom’s AI segment is expected to continue growing, which is anticipated to offset potential risks from sanctions on Bytedance and a decrease in wireless market share at Apple.
Additionally, Broadcom has secured two new AI engagements, which further strengthens its position in the AI market. The company’s guidance for future quarters remains optimistic, with revenue and earnings per share estimates being raised. Danely maintains a price target of $220, reflecting confidence in Broadcom’s ability to capitalize on its AI opportunities and deliver strong financial performance.
In another report released today, DBS also maintained a Buy rating on the stock with a $250.00 price target.
Based on the recent corporate insider activity of 62 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of AVGO in relation to earlier this year.