1 Wall Street Analyst Thinks Broadcom Is Going to $260. Is It a Buy Now?

Shares of Broadcom (NASDAQ: AVGO) are suddenly soaring. The diversified semiconductor company impressed the market with its fiscal 2024 fourth-quarter earnings report last week, in particular its artificial intelligence (AI) growth.Broadcom, which may be best known for networking chips, has become the No. 2 chip stock behind Nvidia in the AI race, and the company now seems to be fulfilling that promise.The company said AI revenue jumped 220% to $12.2 billion in the fiscal year due to the growth of its AI XPUs and "Ethernet networking portfolio." That made up nearly half of its $30.1 billion semiconductor revenue in the year. Now, Wall Street is taking notice with a number of analysts upgrading the stock and raising price targets in the aftermath of the report.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool