AVGO Stock Price Forecast: What Wall Street Says About Broadcom's Future
AVGO Stock Price Performance for 2024
As of October 21, Broadcom's stock (AVGO) has impressively surged 67.37% since the start of the year, sitting at $181.51. This upward momentum continued with a 1.01% rise noted early Monday.
Business Strategies Fueling Growth
Broadcom's recent success is attributed to its engagement with artificial intelligence and significant business maneuvers, including resolving its dispute with AT&T regarding software licenses following the VMware acquisition.
Analysts Adjust Price Targets
- Cantor Fitzgerald increased its price target from $200 to $225.
- Truist raised its forecast slightly from $204 to $205.
- Mizuho Securities recommended a target hike from $190 to $220.
- Bank of America upgraded its target to $215, applauding Broadcom’s AI efforts.
Consensus Price Target
The latest forecasts reflected a strong buy consensus, with AVGO expected to climb to $199.80 in the next 52 weeks. Analysts issued 23 buy recommendations with no sell ratings noted, signaling confidence in Broadcom's continued growth.
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This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.