Broadcom

Broadcom, Inc. (NASDAQ:AVGO) reported its first-quarter financial results after the bell Thursday. Here’s a look at the highlights. The Details: Broadcom reported quarterly earnings of $10.99 per share which beat the analyst consensus estimate of $10.29, a 6.39% increase over earnings of $10.33 per share from the same period last year. Quarterly sales came in at $11.96 billion, beating the analyst consensus estimate of $11.71 billion and representing a 34.16% increase over sales of $8.91 billion year-over-year. The company reported $4.693 billion in free cash flow and issued a quarterly common stock dividend of $5.25 per share. “We are pleased to have two strong drivers of revenue growth for Broadcom in the first quarter and fiscal year 2024. First, our acquisition of VMware is accelerating revenue growth in our infrastructure software segment, as customers deploy VMware Cloud Foundation. Second, strong demand for our networking products in AI data centers, as well as […]

By Asa Fitch Broadcoms latest quarterly profits missed Wall Street forecasts on deal-related costs as strong demand for AI-related products boosted semiconductor sales. The chip and software company said sales for its fiscal first quarter were $11.96 billion, up by 34% on a year before because of its acquisition of software-maker VMware. The company made $1.33 billion in net profit in the quarter, down from $3.78 billion the same period a year earlier and behind expectations in a FactSet survey of analysts. Its stock fell 3% in after-hours trading. Sales would have risen by only 11% for the quarter =excluding the VMware acquisition, CFO Kirsten Spears said in a statement. The rise was driven by Broadcoms software segment and by demand for its networking chips, which help move data around in AI computation, CEO Hock Tan said. The company also helps big cloud-computing companies like Google to develop homegrown AI

Broadcom (NASDAQ:AVGO) reported Q1 non-GAAP earnings late Thursday of $10.99 per diluted share, up from $10.33 a year earlier. Analysts polled by Capital IQ expected $10.42. Revenue for the quarter ended Feb. 4 was $11.96 billion, up from $8.92 billion a year earlier. Analysts expected $11.72 billion. For fiscal 2024, the company reiterated its forecast projecting around $50 billion in revenue. Analysts are looking for revenue of $50.01 billion this year. Broadcom said it maintained its quarterly dividend at $5.25 per share, payable March 29 to investors of record on March 21.

Mizuho analyst Vijay Rakesh maintains Broadcom with a Buy and raises the price target from $1450 to $1550.

Rosenblatt analyst Hans Mosesmann maintains Broadcom (NASDAQ:AVGO) with a Buy and raises the price target from $1160 to $1500.

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We up our 12-month target to $1,500 from $1,100 on a higher revised P/E of 26.4x our CY 25 EPS view, above historical given increasing exposure to recurring software and EPS upside. We keep our FY 24 (Oct.) EPS at $49.16 and FY 25’s at $56.90. Ahead of Jan-Q results set for March 7 after the close, we see upside to Jan-Q and FY 24 margin/revenue expectations. On the semi side, we see greater AI contribution following commentary from peers/customers, on higher Ethernet and custom AI demand (20% of semi sales in Oct-Q). We like VMware prospects (60% of software sales), as we think it will allow software growth to accelerate in the coming quarters/years, with it focusing on growing VMware Cloud Foundation and becoming mostly subscription-based

Susquehanna analyst Christopher Rolland maintains Broadcom (NASDAQ:AVGO) with a Positive and raises the price target from $1400 to $1550.

Broadcom (NASDAQ:AVGO) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 02/20/2024 7% Cantor Fitzgerald → $1300 Reiterates Overweight → Overweight 02/13/2024 19.34% Mizuho $1250 → $1450 Maintains Buy 02/12/2024 7% Cantor Fitzgerald → $1300 Reiterates Overweight → Overweight 01/29/2024 7% Cantor Fitzgerald → $1300 Reiterates Overweight → Overweight 01/23/2024 7% Cantor Fitzgerald → $1300 Initiates Coverage On → Overweight 01/19/2024 9.05% Goldman Sachs → $1325 Reinstates → Buy 12/11/2023 -9.47% Citigroup → $1100 Reinstates → Buy 12/08/2023 -16.46% Truist Securities $995 → $1015 Maintains Buy 12/08/2023 -17.7% TD Cowen $900 → $1000 Maintains Market Perform 12/08/2023 -4.53% Rosenblatt $1000 → $1160 Maintains Buy 12/08/2023 — Summit Insights Group Upgrades Hold → Buy 12/04/2023 -17.7% Rosenblatt → $1000 Reiterates Buy → Buy 12/04/2023 -9.47% Oppenheimer $990 → $1100 Maintains Outperform 11/28/2023 -9.47% Susquehanna $1010 → $1100 Maintains Positive 11/24/2023 -1.24% Keybanc $1000 →

Broadcom (NASDAQ:AVGO) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 02/13/2024 15.66% Mizuho $1250 → $1450 Maintains Buy 02/12/2024 3.7% Cantor Fitzgerald → $1300 Reiterates Overweight → Overweight 01/29/2024 3.7% Cantor Fitzgerald → $1300 Reiterates Overweight → Overweight 01/23/2024 3.7% Cantor Fitzgerald → $1300 Initiates Coverage On → Overweight 01/19/2024 5.69% Goldman Sachs → $1325 Reinstates → Buy 12/11/2023 -12.25% Citigroup → $1100 Reinstates → Buy 12/08/2023 -19.03% Truist Securities $995 → $1015 Maintains Buy 12/08/2023 -20.23% TD Cowen $900 → $1000 Maintains Market Perform 12/08/2023 -7.47% Rosenblatt $1000 → $1160 Maintains Buy 12/08/2023 — Summit Insights Group Upgrades Hold → Buy 12/04/2023 -20.23% Rosenblatt → $1000 Reiterates Buy → Buy 12/04/2023 -12.25% Oppenheimer $990 → $1100 Maintains Outperform 11/28/2023 -12.25% Susquehanna $1010 → $1100 Maintains Positive 11/24/2023 -4.28% Keybanc $1000 → $1200 Maintains Overweight 09/22/2023 -20.63% Truist Securities → $995 Reiterates

Mizuho analyst Vijay Rakesh maintains Broadcom (NASDAQ:AVGO) with a Buy and raises the price target from $1250 to $1450.

By Tae Kim Broadcom stock offers an attractive opportunity, thanks to soaring demand for artificial-intelligence semiconductors, according to J.P. Morgan. On Tuesday, analyst Harlan Sur re-initiated coverage on Broadcom with an Overweight rating and a $1,550 price target, citing the chip maker’s leadership position in AI-related products. “We are particularly constructive on the cloud datacenter end market, with Broadcom’s leadership in switching/routing, its custom chip (ASIC) opportunities across datacenter and artificial intelligence opportunities,” he wrote. Broadcom stock fell 0.8% to $1,223.23 in early trading Tuesday. The chip maker is the leading player in the high-end AI ASIC — application specific integrated circuits — market. Broadcom helps large companies, such as Alphabet’s Google unit, design custom chips for AI, called TPUs or Tensor Processing Units. He cited Meta Platforms and Microsoft as other key customers. Sur estimates Broadcom will generate $8 billion to $9 billion in AI revenue this year, primarily

Broadcom (NASDAQ:AVGO) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/29/2024 7.11% Cantor Fitzgerald → $1300 Reiterates Overweight → Overweight 01/23/2024 7.11% Cantor Fitzgerald → $1300 Initiates Coverage On → Overweight 01/19/2024 9.17% Goldman Sachs → $1325 Reinstates → Buy 12/11/2023 -9.37% Citigroup → $1100 Reinstates → Buy 12/08/2023 -16.37% Truist Securities $995 → $1015 Maintains Buy 12/08/2023 -17.6% TD Cowen $900 → $1000 Maintains Market Perform 12/08/2023 -4.42% Rosenblatt $1000 → $1160 Maintains Buy 12/08/2023 — Summit Insights Group Upgrades Hold → Buy 12/04/2023 -17.6% Rosenblatt → $1000 Reiterates Buy → Buy 12/04/2023 -9.37% Oppenheimer $990 → $1100 Maintains Outperform 11/28/2023 -9.37% Susquehanna $1010 → $1100 Maintains Positive 11/24/2023 -1.13% Keybanc $1000 → $1200 Maintains Overweight 09/22/2023 -18.02% Truist Securities → $995 Reiterates Buy → Buy 09/21/2023 -18.02% Truist Securities → $995 Reiterates Buy → Buy 09/18/2023 -16.78% Susquehanna → $1010