Broadcom Inc (NASDAQ:AVGO) shares were down on Friday, even after the company reported upbeat fourth-quarter results. The results came amid an exciting earnings season. Here are some key analyst takeaways from the release. JPMorgan On Broadcom Analyst Harlan Sur maintained an Overweight rating while lifting the price target from $1,550 to $1,700. Broadcom delivered better-than-expected quarterly results and reiterated its full-year outlook of $50 billion in revenues and 60% EBITDA margin, “on sustained momentum in semiconductors and solid growth in its mission critical software franchise,” Sur wrote in a note. “For its semiconductor business, the team saw accelerating demand for its AI solutions ($2.3B in the Jan-Qtr, up 50%+ Q/Q) which offset weakness in its core diversified semi business (ex-AI ~$5.1B down 12% Q/Q,” Sur added. Goldman Sachs On Broadcom Analyst Toshiya Hari maintained a Buy rating while bumping the price target from $1,325 to $1,550. Broadcom delivered “solid” results for […]

Broadcom (AVGO) is expected to see growth acceleration in the second half of the year as VMWare bookings are off to a strong start and the company’s artificial intelligence pipeline is “solid,” BofA Securities said Friday. Late Thursday, the chipmaker logged stronger-than-expected fiscal first-quarter results as it benefited from its VMware acquisition, completed in November, as well as AI demand. The company continues to project 2024 consolidated revenue advancing 40% year over year at $50 billion. Although the company held its outlook steady, the sales mix is shifting more towards AI, which is now pegged to top $10 billion, up from $7.5 billion estimated previously, BofA analyst Vivek Arya said in an emailed note. VMWare has seen a strong start to the year, with overall company software bookings set to almost double sequentially to $3 billion in the current quarter and VMWare sales seen increasing 10% every quarter, according to