Broadcom Gets Price Target Bumps By Analysts Following Strong Earnings

Broadcom Inc AVGO reported better-than-expected financial results for its first quarter.

Broadcom reported fiscal first-quarter revenue of $8.91 billion, which beat consensus estimates of $8.9 billion. The company reported first-quarter adjusted earnings of $10.33 per share, which beat estimates of $10.11 per share.

Broadcom expects fiscal second-quarter revenue of approximately $8.7 billion versus estimates of $8.5 billion.

Broadcom shares gained 1.3% to $606.33 in pre-market trading.

These analysts made changes to their price targets on Broadcom following the release of results.

• Keybanc raised the price target on Broadcom from $700 to $720. Keybanc analyst John Vinh maintained an Overweight rating.
• Deutsche Bank raised the price target on Broadcom from $590 to $675. Deutsche Bank analyst Ross Seymore maintained a Buy rating.
• Truist Securities boosted the price target on Broadcom from $659 to $700. Truist Securities analyst William Stein maintained the stock with a Buy.
• Susquehanna boosted the price target on Broadcom from $685 to $690. Susquehanna analyst Christopher Rolland maintained a Positive rating.
• Wells Fargo raised the price target on Broadcom from $558 to $600. Wells Fargo analyst Aaron Rakers maintained an Equal-Weight rating.

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