Broadcom Analysts Increase Their Forecasts After Q4 Earnings
Portfolio Pulse from Avi Kapoor
Broadcom Inc. (NASDAQ:AVGO) exceeded Q4 earnings expectations with $11.06 per share against the forecasted $10.98, a 5.84% increase from the previous year. However, quarterly sales of $9.29 billion fell short of the expected $9.41 billion. The company raised its quarterly dividend by 14% to $5.25 and projected full-year 2024 revenue of around $50 billion. Despite the positive earnings, Broadcom shares dropped slightly by 0.3%. Post-earnings, analysts at Rosenblatt, TD Cowen, and Summit Insights Group adjusted their price targets, with Rosenblatt and Summit Insights also maintaining or upgrading to a Buy rating.
December 08, 2023 | 4:12 pm
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POSITIVE IMPACT
Broadcom reported higher-than-expected Q4 earnings and increased its dividend, but missed revenue estimates. Analysts have raised price targets and maintained or upgraded ratings, indicating a positive outlook.
The positive earnings report and dividend increase are likely to be viewed favorably by investors, despite the slight revenue miss. The upgrades and raised price targets by analysts suggest confidence in the company's future performance, which could lead to a short-term positive impact on the stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100