- Thursday, Broadcom Inc AVGO released fourth quarter results and guidance above analyst expectations.
- Raymond James reiterates the Market Perform rating and says the company is outperforming broader market trends — and significantly outperforming its peers.
- The analyst is encouraged by the continued growth and robust rise of new products but remains on the sidelines amid mounting macro concerns and stocks trading roughly in line with historical average P/E.
- Rosenblatt Securities maintains a buy rating of one Price target of $775.
- The analyst sees the backlog as “fully booked” for more premium customer contacts, networks and custom ASICs.
- KeyBanc Capital Markets remains overweight Broadcom with a price target of $700. The analyst is bullish on the stock despite the weak corporate/memory trends.
- BMO Capital Markets writes that Broadcom’s results were slightly better, but the outlook is much better.
- The analyst notes that among other things, the company has highlighted a diversified storage business that allows it to weather the storm better.
- BMO retains the Outperform rating with a price target of $650.
- Mizuho writes that for AVGO, the VMware acquisition could be the next focus for investors, with some permits being extended.
- Mizuho maintains a buy rating with a price target of $700 versus $725.
- Price promotion: AVGO shares are up 3.70% to $550.72 on the latest check Friday.
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