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Why Broadcom Stock Was a Winner on Wednesday [Yahoo! Finance]

Broadcom Inc. (AVGO) More Company Research Source: Yahoo! Finance

Last broadcom inc. earnings: 3/12 04:15 pm Check Earnings Report

US:NASDAQ Investor Relations: investors.broadcom.com

On news of the move, investors eagerly snapped up shares of the hardware and software company, sending its stock price more than 2% higher. That was a steeper climb than the S&P 500 's (SNPINDEX: ^GSPC) 0.7% increase on the day. Well before market open on Hump Day, Daiwa Securities' Louis Miscioscia moved Broadcom up one notch, from outperform to buy. He also changed his price target. Interestingly, this meant a reduction -- it's now $225 per share, against the former level of $275. Even at the reduced figure, Miscioscia is anticipating plenty of upsides for the stock -- $225 is nearly 31% higher than Broadcom's Wednesday closing price. According to reports, the analyst believes Broadcom is standing in front of no less than four elements that could drive its business higher: its custom artificial intelligence (AI) chips, networking, VMWare (an acquisition that closed in late 2023), and its foundational semiconductor products. Like other tech stocks, Broadcom has suffered from [Read more]

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