Melius Research raised the firm’s price target on Broadcom (AVGO) to $283 from $198 and keeps a Buy rating on the shares. The company is still positioned to see accelerating sales in AI Semis, featuring custom AI accelerators and networking chips, while benefiting from higher profits from its 2023 acquisition of VMWare, the analyst tells investors in a research note. There is more left in the tank for Broadcom as AI customer wins pick up and execution remains sharp in Infrastructure Software, the firm says.
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