Benchmark analyst Cody Acree raised the firm’s price target on Broadcom (AVGO) to $485 from $385 and keeps a Buy rating on the shares. With Broadcom’s shares having increased more than 120% over the past twelve months, the firm believes investors were “prepped for profit taking, almost regardless of the strength of last night’s earnings release.” However, the firm also sees “a lot for investors to be encouraged by in the company’s report,” with the after-hour pressure “notwithstanding,” the analyst added. While Broadcom’s custom XPU business obviously gets the bulk of investor attention, the company is also seeing strength across its networking, DSP, optical components, and switching portfolio, the firm noted.
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