Broadcom Inc. AVGO shares are up Tuesday on news that subsidiaries of the company have commenced two different multi-year statements of work (SOW) with Apple Inc AAPL.
What To Know: The SOWs include a supply of a variety of specified high-performance RF and wireless components and modules for use in Apple products. Broadcom will supply Apple with certain components and modules for its products and provide maintenance and distribution of adequate manufacturing capacity and other resources to make the products.
Following the announcement, BofA Securities analyst Vivek Arya maintained Broadcom with a Buy rating and raised the price target from $725 to $800.
Related Link: A Boost for 'Made in America': Apple and Broadcom Tag-Team for Homegrown 5G
AVGO Price Action: Broadcom shares were up 2.01% at $692.03 Tuesday afternoon, according to Benzinga Pro.
Photo: Lorenzo Cafaro from Pixabay.
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