Goldman Sachs Analyst Bullish On Broadcom, Bumps Up PT By 12%

October 15, 2021 8:02 AM | 1 min read | Make a Comment

Goldman Sachs analyst Toshiya Hari upgraded Broadcom Inc AVGO to Buy from Neutral with a price target of $589, up from $527, implying an 18.4% upside.
The analyst said the upgrade comes as the firm transitions to a more defensive posture within the context of its Semiconductor and Semiconductor Capital Equipment coverage universe.
Hari added that he believes outsized exposure to cloud/enterprise/telecom spending, pricing power, and FCF generation will drive a relative re-rating in the stock.
Also Read: Goldman Sachs Analyst Admits March Upgrade On Western Digital 'Wrong Call,' Downgrades This Time
Price Action: AVGO shares traded higher by 1.55% at $505.30 in the premarket session on the last check Friday.