Broadcom price target raised to $545 from $510 at Truist

Truist raised the firm’s price target on Broadcom (AVGO) to $545 from $510 and keeps a Buy rating on the shares. The company posted upside vs. most metrics, especially Q1 sales guidance and AI sales guidance, even though commentary about gross margin trajectory is confounding, the analyst tells investors in a research note. Considering the persistent investor concern that AI spending is on the verge of a downturn, Truist expects Broadcom’s reassuring commentary to be interpreted constructively for a broader range of stocks, including semis generally, the firm added.