Broadcom Stock Hits All-Time High: Golden Cross Hints At Further Upside
Portfolio Pulse from Surbhi Jain
Broadcom Inc (NASDAQ:AVGO) stock reached an all-time high of $1,099.78, driven by strong Q4 earnings, AI sector growth, and strategic partnerships with companies like Google and Comcast. The company's AI infrastructure revenue is expected to grow from $4 billion in FY23 to $8 billion in FY24. Technical analysis shows a golden cross formation, and analysts rate AVGO as a buy with price targets between $1,000 and $1,160.
December 14, 2023 | 1:56 pm
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Broadcom's stock achieved a new high, bolstered by robust Q4 earnings, AI sales forecast doubling, and strategic AI partnerships. Analysts remain bullish with high price targets.
The all-time high and positive outlook are due to Broadcom's strong financial performance, focus on AI growth, and strategic partnerships. The golden cross technical pattern and analyst buy ratings with high price targets suggest a positive short-term impact on the stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100