Analysts Are Gushing Over Chip Giant Broadcom's 'Better Than Feared' Financial Results

Thursday, Broadcom Inc AVGO reported fourth-quarter results and guidance above analyst expectations.
Raymond James reiterates the Market Perform rating, saying the company is outperforming broader market trends – and significantly outperforming peers.
The analyst is encouraged by continued growth and robust new product ramps but remains on the sidelines with macro concerns rising and shares trading roughly in line with the historical average P/E.
Rosenblatt Securities keeps the Buy rating with a price target of $775.
The analyst sees the backlog as "fully booked" on more top-tier customer exposure, networking, and custom ASIC.
KeyBanc Capital Markets keeps an Overweight rating on Broadcom with a price target of $700. The analyst is bullish on the stock despite the soft enterprise/storage trends.
BMO Capital Markets writes that Broadcom's results were slightly better, but guidance is much better.
The analyst notes that the company highlighted a diversified storage business, among other facets, allowing it to weather the storm better.
BMO keeps Outperform rating with a price target of $650.
Mizuho writes that for AVGO, the VMware acquisition could be the next focus for investors, with some approvals could be extended.
Mizuho keeps the Buy rating with a price target of $700, down from $725.
Price Action: AVGO shares are up 3.70% at $550.72 on the last check Friday.