:max_bytes(150000):strip_icc()/GettyImages-2121055823-bc6254fea83c42328a369d58f67eaee8.jpg)
:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-2121055823-bc6254fea83c42328a369d58f67eaee8.jpg)
Key Takeaways
- Broadcom shares traded at another record high Thursday on enthusiasm over its position in the artificial intelligence (AI) market.
- The stock got a lift from the company’s sales, stock split, and upbeat analysts’ comments.
- Bank of America, Goldman Sachs, and Mizuho all raised their price targets.
Broadcom’s (AVGO) position in the booming artificial intelligence (AI) market helped send shares to a fresh all-time high on Thursday.
The stock, which is on pace to close at a record high for a fourth straight day, got a boost from positive analysts’ comments following the company’s blowout sales report and 10-for-1 stock split announcement Wednesday.
BofA Analysts Call Broadcom ‘Top 2 AI Pick’ on Custom Chips
Bank of America raised its price target to $2,000 from $1,680, calling Broadcom its “top 2 AI pick” on custom AI chips. The analysts also suggested the company could “join the trillionaires club” in market capitalization along with Alphabet (GOOGL), Amazon (AMZN), Apple (AAPL), Meta Platforms (META), Microsoft (MSFT), and Nvidia (NVDA).
Goldman Sachs also boosted its price target, to $1,850 from $1,550, arguing that along with Nvidia, it views “Broadcom as a critical piece to the ongoing AI infrastructure build-out.” It said it sees the share price outperforming estimates.
Mizuho also increased its price target on the stock, to $1,900 from $1,625.
Shares of Broadcom surged 13.1% to $1,691.06 as of noon ET Thursday after earlier touching an all-time high $1,735.85. They have risen more than 50% this year.
TradingView