Broadcom Continues Upside To AI: 'Uniquely Positioned' To Grow, Says Analyst After Q2 Results
Portfolio Pulse from Priya Nigam
Broadcom Inc (NASDAQ:AVGO) shares surged after reporting strong Q2 results, with analysts from BofA Securities and Goldman Sachs raising their price targets. The company reported a 4% beat on quarterly sales, raised its full-year sales outlook by $1 billion, and announced a 10:1 stock split. Analysts highlighted Broadcom's strong position in AI and VMware upsell as key growth drivers.
June 13, 2024 | 5:22 pm
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Broadcom reported strong Q2 results, beating sales estimates by 4% and raising its full-year sales outlook by $1 billion. Analysts from BofA Securities and Goldman Sachs raised their price targets, citing Broadcom's strong position in AI and VMware upsell as key growth drivers. The company also announced a 10:1 stock split.
Broadcom's strong Q2 results, increased full-year sales outlook, and 10:1 stock split are positive indicators for the stock. Analysts' raised price targets and positive outlook on AI and VMware upsell further support a bullish short-term impact.
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