Broadcom (AVGO) Shares Gap Up Following Analyst Upgrade
Broadcom Ltd (NASDAQ:AVGO)’s share price gapped up prior to trading on Monday after Zacks Investment Research upgraded the stock from a hold rating to a buy rating. The stock had previously closed at $265.03, but opened at $262.84. Zacks Investment Research now has a $284.00 price target on the stock. Broadcom shares last traded at $262.84, with a volume of 5264778 shares traded.
According to Zacks, “Broadcom is benefiting from strong demand of its wireless solutions and expanding product portfolio, which makes it well-positioned to address the needs of rapidly growing technologies like IoT and 5G. Broadcom has recently inked financing agreements with various institutions to fund Qualcomm’s proposed takeover. If completed, then this deal will make it the third-largest chipmaker, behind Intel and Samsung. The company also has strong ties with leading OEMs across multiple target markets that will help it to gain key insights into the requirements of customers. Moreover, the upcoming launch of the next generation WiFi products is expected to be a growth driver for the segment. However, customer concentration, intensifying competition, integration risks due to frequent acquisitions and leverage balance sheet are key headwinds.”
Several other equities analysts also recently commented on AVGO. Vetr raised shares of Broadcom from a “hold” rating to a “buy” rating and set a $291.95 target price on the stock in a report on Monday, November 13th. Sanford C. Bernstein reissued a “buy” rating on shares of Broadcom in a report on Monday, November 13th. Nomura reissued a “buy” rating on shares of Broadcom in a report on Tuesday, November 14th. Royal Bank of Canada boosted their target price on shares of Broadcom from $300.00 to $315.00 and gave the stock a “top pick” rating in a report on Monday, November 20th. Finally, BMO Capital Markets initiated coverage on shares of Broadcom in a report on Monday, November 20th. They issued an “outperform” rating and a $330.00 target price on the stock. Two investment analysts have rated the stock with a hold rating, thirty-three have assigned a buy rating and one has given a strong buy rating to the company. Broadcom has a consensus rating of “Buy” and an average target price of $306.75.
A number of hedge funds have recently bought and sold shares of the business. SeaCrest Wealth Management LLC bought a new position in shares of Broadcom in the fourth quarter worth about $124,000. We Are One Seven LLC bought a new position in shares of Broadcom in the fourth quarter worth about $142,000. FNY Partners Fund LP bought a new position in shares of Broadcom in the fourth quarter worth about $154,000. Independence Bank of Kentucky bought a new position in shares of Broadcom in the fourth quarter worth about $188,000. Finally, Premia Global Advisors LLC bought a new position in shares of Broadcom in the fourth quarter worth about $198,000. Institutional investors and hedge funds own 89.52% of the company’s stock.
The company has a debt-to-equity ratio of 0.75, a current ratio of 6.26 and a quick ratio of 5.68. The stock has a market capitalization of $111,130.00, a price-to-earnings ratio of 66.47, a P/E/G ratio of 1.06 and a beta of 0.88.
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Broadcom Limited is a designer, developer and global supplier of a range of semiconductor devices with a focus on digital and mixed signal complementary metal oxide semiconductor (CMOS)-based devices and analog III-V based products. The Company operates through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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