Broadcom Stock Up 64% YTD: Here's What Analysts Expect From Q4 Report
Portfolio Pulse from Surbhi Jain
Broadcom Inc (NASDAQ:AVGO) is expected to report $10.98 EPS and $9.41 billion in revenue for Q4. The stock is up 64% YTD, boosted by the AI frenzy and the VMware acquisition. Analysts anticipate another earnings beat, with Oppenheimer's Rick Schafer rating AVGO as Outperform with a $1,100 target, and Rosenblatt's Hans Mosesmann reiterating a Buy rating with a $1,000 target. Broadcom's diversified business and strategic M&As contribute to its growth, with a significant customer relationship with Apple Inc. (NASDAQ:AAPL).
December 06, 2023 | 8:16 pm
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POSITIVE IMPACT
Broadcom is anticipated to report strong Q4 earnings, with a positive history of beating estimates. The stock has seen significant growth due to the AI boom and the VMware acquisition.
Broadcom's consistent history of beating earnings and revenue estimates, along with the recent VMware acquisition and its role in the AI sector, suggest a positive short-term impact on AVGO's stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
Apple is a major customer of Broadcom, and concerns about Apple replacing a Broadcom chip with an in-house one have previously affected the stock.
While Apple is a significant customer for Broadcom, the article does not provide new information on the relationship that would directly impact AAPL's stock in the short term.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50