Daiwa upgrades Broadcom to Outperform on ‘four strong drivers’

Daiwa analyst Louis Miscioscia upgraded Broadcom (AVGO) to Buy from Outperform with a price target of $225, down from $275. The stock in premarket trading is up 37c to $168.89. The firm sees “four strong drivers” for Broadcom in 2025, and going forward into the future. The drivers are the company’s application-specific integrated circuit processors, networking, the VMware acquisition continuing to provide growth, and core semiconductor business, which is getting close to growing after two weak years, the analyst tells investors in a research note. Daiwa says that with the shares down 33% from the recent December 2024 high, Broadcom is “attractive at these levels.”