Broadcom Stock Continues To Set Records on AI Excitement
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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.
