Broadcom

Broadcom (NASDAQ:AVGO) reported Q1 non-GAAP earnings late Thursday of $10.99 per diluted share, up from $10.33 a year earlier. Analysts polled by Capital IQ expected $10.42. Revenue for the quarter ended Feb. 4 was $11.96 billion, up from $8.92 billion a year earlier. Analysts expected $11.72 billion. For fiscal 2024, the company reiterated its forecast projecting around $50 billion in revenue. Analysts are looking for revenue of $50.01 billion this year. Broadcom said it maintained its quarterly dividend at $5.25 per share, payable March 29 to investors of record on March 21.

Mizuho analyst Vijay Rakesh maintains Broadcom with a Buy and raises the price target from $1450 to $1550.

Rosenblatt analyst Hans Mosesmann maintains Broadcom (NASDAQ:AVGO) with a Buy and raises the price target from $1160 to $1500.

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We up our 12-month target to $1,500 from $1,100 on a higher revised P/E of 26.4x our CY 25 EPS view, above historical given increasing exposure to recurring software and EPS upside. We keep our FY 24 (Oct.) EPS at $49.16 and FY 25’s at $56.90. Ahead of Jan-Q results set for March 7 after the close, we see upside to Jan-Q and FY 24 margin/revenue expectations. On the semi side, we see greater AI contribution following commentary from peers/customers, on higher Ethernet and custom AI demand (20% of semi sales in Oct-Q). We like VMware prospects (60% of software sales), as we think it will allow software growth to accelerate in the coming quarters/years, with it focusing on growing VMware Cloud Foundation and becoming mostly subscription-based

Susquehanna analyst Christopher Rolland maintains Broadcom (NASDAQ:AVGO) with a Positive and raises the price target from $1400 to $1550.

Broadcom (NASDAQ:AVGO) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 02/20/2024 7% Cantor Fitzgerald → $1300 Reiterates Overweight → Overweight 02/13/2024 19.34% Mizuho $1250 → $1450 Maintains Buy 02/12/2024 7% Cantor Fitzgerald → $1300 Reiterates Overweight → Overweight 01/29/2024 7% Cantor Fitzgerald → $1300 Reiterates Overweight → Overweight 01/23/2024 7% Cantor Fitzgerald → $1300 Initiates Coverage On → Overweight 01/19/2024 9.05% Goldman Sachs → $1325 Reinstates → Buy 12/11/2023 -9.47% Citigroup → $1100 Reinstates → Buy 12/08/2023 -16.46% Truist Securities $995 → $1015 Maintains Buy 12/08/2023 -17.7% TD Cowen $900 → $1000 Maintains Market Perform 12/08/2023 -4.53% Rosenblatt $1000 → $1160 Maintains Buy 12/08/2023 — Summit Insights Group Upgrades Hold → Buy 12/04/2023 -17.7% Rosenblatt → $1000 Reiterates Buy → Buy 12/04/2023 -9.47% Oppenheimer $990 → $1100 Maintains Outperform 11/28/2023 -9.47% Susquehanna $1010 → $1100 Maintains Positive 11/24/2023 -1.24% Keybanc $1000 →

Broadcom (NASDAQ:AVGO) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 02/13/2024 15.66% Mizuho $1250 → $1450 Maintains Buy 02/12/2024 3.7% Cantor Fitzgerald → $1300 Reiterates Overweight → Overweight 01/29/2024 3.7% Cantor Fitzgerald → $1300 Reiterates Overweight → Overweight 01/23/2024 3.7% Cantor Fitzgerald → $1300 Initiates Coverage On → Overweight 01/19/2024 5.69% Goldman Sachs → $1325 Reinstates → Buy 12/11/2023 -12.25% Citigroup → $1100 Reinstates → Buy 12/08/2023 -19.03% Truist Securities $995 → $1015 Maintains Buy 12/08/2023 -20.23% TD Cowen $900 → $1000 Maintains Market Perform 12/08/2023 -7.47% Rosenblatt $1000 → $1160 Maintains Buy 12/08/2023 — Summit Insights Group Upgrades Hold → Buy 12/04/2023 -20.23% Rosenblatt → $1000 Reiterates Buy → Buy 12/04/2023 -12.25% Oppenheimer $990 → $1100 Maintains Outperform 11/28/2023 -12.25% Susquehanna $1010 → $1100 Maintains Positive 11/24/2023 -4.28% Keybanc $1000 → $1200 Maintains Overweight 09/22/2023 -20.63% Truist Securities → $995 Reiterates

Mizuho analyst Vijay Rakesh maintains Broadcom (NASDAQ:AVGO) with a Buy and raises the price target from $1250 to $1450.

By Tae Kim Broadcom stock offers an attractive opportunity, thanks to soaring demand for artificial-intelligence semiconductors, according to J.P. Morgan. On Tuesday, analyst Harlan Sur re-initiated coverage on Broadcom with an Overweight rating and a $1,550 price target, citing the chip maker’s leadership position in AI-related products. “We are particularly constructive on the cloud datacenter end market, with Broadcom’s leadership in switching/routing, its custom chip (ASIC) opportunities across datacenter and artificial intelligence opportunities,” he wrote. Broadcom stock fell 0.8% to $1,223.23 in early trading Tuesday. The chip maker is the leading player in the high-end AI ASIC — application specific integrated circuits — market. Broadcom helps large companies, such as Alphabet’s Google unit, design custom chips for AI, called TPUs or Tensor Processing Units. He cited Meta Platforms and Microsoft as other key customers. Sur estimates Broadcom will generate $8 billion to $9 billion in AI revenue this year, primarily

Broadcom (NASDAQ:AVGO) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/29/2024 7.11% Cantor Fitzgerald → $1300 Reiterates Overweight → Overweight 01/23/2024 7.11% Cantor Fitzgerald → $1300 Initiates Coverage On → Overweight 01/19/2024 9.17% Goldman Sachs → $1325 Reinstates → Buy 12/11/2023 -9.37% Citigroup → $1100 Reinstates → Buy 12/08/2023 -16.37% Truist Securities $995 → $1015 Maintains Buy 12/08/2023 -17.6% TD Cowen $900 → $1000 Maintains Market Perform 12/08/2023 -4.42% Rosenblatt $1000 → $1160 Maintains Buy 12/08/2023 — Summit Insights Group Upgrades Hold → Buy 12/04/2023 -17.6% Rosenblatt → $1000 Reiterates Buy → Buy 12/04/2023 -9.37% Oppenheimer $990 → $1100 Maintains Outperform 11/28/2023 -9.37% Susquehanna $1010 → $1100 Maintains Positive 11/24/2023 -1.13% Keybanc $1000 → $1200 Maintains Overweight 09/22/2023 -18.02% Truist Securities → $995 Reiterates Buy → Buy 09/21/2023 -18.02% Truist Securities → $995 Reiterates Buy → Buy 09/18/2023 -16.78% Susquehanna → $1010

Broadcom (NASDAQ:AVGO) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/19/2024 14.32% Goldman Sachs → $1325 Reinstates → Buy 12/11/2023 -5.09% Citigroup → $1100 Reinstates → Buy 12/08/2023 -12.42% Truist Securities $995 → $1015 Maintains Buy 12/08/2023 -13.72% TD Cowen $900 → $1000 Maintains Market Perform 12/08/2023 0.09% Rosenblatt $1000 → $1160 Maintains Buy 12/08/2023 — Summit Insights Group Upgrades Hold → Buy 12/04/2023 -13.72% Rosenblatt → $1000 Reiterates Buy → Buy 12/04/2023 -5.09% Oppenheimer $990 → $1100 Maintains Outperform 11/28/2023 -5.09% Susquehanna $1010 → $1100 Maintains Positive 11/24/2023 3.54% Keybanc $1000 → $1200 Maintains Overweight 09/22/2023 -14.15% Truist Securities → $995 Reiterates Buy → Buy 09/21/2023 -14.15% Truist Securities → $995 Reiterates Buy → Buy 09/18/2023 -12.86% Susquehanna → $1010 Reiterates Positive → Positive 09/14/2023 -13.72% Keybanc → $1000 Reiterates Overweight → Overweight 09/08/2023 -14.15% Truist Securities $942 → $995 Maintains

By Isabelle Bousquette Moves by Broadcom to shore up its $69 billion VMware acquisition, completed in November, include a streamlining of product bundles and new billing models — efforts in line with the chip giant’s past acquisitions, but not necessarily welcomed by all of VMware’s customers. Broadcom made its name by acquiring makers of a host of unsexy-but-essential microchips components, then cutting costs and leveraging the company’s growing pricing power. With the VMware acquisition, its largest, the San Jose, Calif.-based company is turning some of those tactics to enterprise software. In recent months, Broadcom’s VMware Cloud Foundation division, responsible for the company’s flagship infrastructure software, shaved its offerings from nearly 1,000 to just two bundles, and ended perpetual license sales, one-time payments for indefinite use of software, in favor of a full subscription payment model, the company confirmed. Broadcom has also recently laid off at least hundreds of VMware workers,