Why Are Broadcom Shares Moving Monday?
Portfolio Pulse from Vaishali Prayag
Broadcom Inc. (NASDAQ:AVGO) shares are trading higher after Morgan Stanley reinstated coverage with an Overweight rating and a price target of $1,658. Analysts expect strong performance in the upcoming fiscal second-quarter earnings report, with estimated EPS of $10.80 and revenue of $12.03 billion. BofA Securities also maintained a Buy rating and a price target of $1,680, driven by strength in AI. Broadcom's AI revenue forecast is over $10 billion, with potential for an additional $1 billion upside.
June 10, 2024 | 7:37 pm
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Broadcom shares are trading higher after Morgan Stanley reinstated coverage with an Overweight rating and a price target of $1,658. Analysts expect strong Q2 earnings and AI-driven growth.
The reinstatement of coverage with an Overweight rating and high price target by Morgan Stanley, along with positive earnings expectations and strong AI revenue forecasts, are likely to drive Broadcom's stock price up in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Broadcom's AI revenue forecast includes potential upside from custom chip deployments at major tech companies like Meta Platforms Inc.
Broadcom's AI revenue forecast includes potential upside from custom chip deployments at major tech companies like Meta Platforms Inc., which could positively impact Meta's operations and stock price.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 30