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Why Broadcom (AVGO) Stock Is Up Today appeared on finance.yahoo.com by Petr Hu??ák.
Shares of fabless chip and software maker Broadcom (NASDAQ:AVGO) jumped 5.3% in the afternoon session after UBS analyst Timothy Arcuri raised his price target by $50 to $270 in a research note. The analyst announced the price update after increasing his forecast for AVGO’s AI revenue for fiscal 2026 and fiscal 2027 by 20% and 40%, respectively. Arcuri’s improved forecast was informed by a review of Broadcom’s serviceable-addressable-market disclosures and a reassessment of the likely outcomes for its custom compute and AI-networking businesses.
The shares closed the day at $232.56, up 5.3% from previous close.
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Broadcom’s shares are very volatile and have had 25 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 7 days ago when the stock gained 9.8% as the stock continued its positive momentum following stellar earnings results the previous week. Wall Street analysts also turned more bullish, with Goldman Sachs reaffirming its Buy rating. In its research note, the firm highlighted, “We continue to see the company as a pivotal enabler of generative AI.”.
Broadcom is up 115% since the beginning of the year, and at $232.95 per share, it is trading close to its 52-week high of $250 from December 2024. Investors who bought $1,000 worth of Broadcom’s shares 5 years ago would now be looking at an investment worth $7,290.
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This article originally appeared on finance.yahoo.com by Petr Hu??ák – sharing via newswires in the public domain, repeatedly. News articles have become eerily similar to manufacturer descriptions.
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