Broadcom

Broadcom (NASDAQ:AVGO) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/19/2024 14.32% Goldman Sachs → $1325 Reinstates → Buy 12/11/2023 -5.09% Citigroup → $1100 Reinstates → Buy 12/08/2023 -12.42% Truist Securities $995 → $1015 Maintains Buy 12/08/2023 -13.72% TD Cowen $900 → $1000 Maintains Market Perform 12/08/2023 0.09% Rosenblatt $1000 → $1160 Maintains Buy 12/08/2023 — Summit Insights Group Upgrades Hold → Buy 12/04/2023 -13.72% Rosenblatt → $1000 Reiterates Buy → Buy 12/04/2023 -5.09% Oppenheimer $990 → $1100 Maintains Outperform 11/28/2023 -5.09% Susquehanna $1010 → $1100 Maintains Positive 11/24/2023 3.54% Keybanc $1000 → $1200 Maintains Overweight 09/22/2023 -14.15% Truist Securities → $995 Reiterates Buy → Buy 09/21/2023 -14.15% Truist Securities → $995 Reiterates Buy → Buy 09/18/2023 -12.86% Susquehanna → $1010 Reiterates Positive → Positive 09/14/2023 -13.72% Keybanc → $1000 Reiterates Overweight → Overweight 09/08/2023 -14.15% Truist Securities $942 → $995 Maintains […]

By Isabelle Bousquette Moves by Broadcom to shore up its $69 billion VMware acquisition, completed in November, include a streamlining of product bundles and new billing models — efforts in line with the chip giant’s past acquisitions, but not necessarily welcomed by all of VMware’s customers. Broadcom made its name by acquiring makers of a host of unsexy-but-essential microchips components, then cutting costs and leveraging the company’s growing pricing power. With the VMware acquisition, its largest, the San Jose, Calif.-based company is turning some of those tactics to enterprise software. In recent months, Broadcom’s VMware Cloud Foundation division, responsible for the company’s flagship infrastructure software, shaved its offerings from nearly 1,000 to just two bundles, and ended perpetual license sales, one-time payments for indefinite use of software, in favor of a full subscription payment model, the company confirmed. Broadcom has also recently laid off at least hundreds of VMware workers,

PALO ALTO, Calif., Jan. 17, 2024 (GLOBE NEWSWIRE) — Broadcom End-User Computing Division today announced that global market research firm Forrester has named its offering (formerly of VMware) a leader in The Forrester Wave: Unified Endpoint Management, Q4 2023. Workspace ONE was named a leader when evaluated among nine unified endpoint management (UEM) vendors. According to the Forrester report, “VMware continues to balance DEX, management, and security exceptionally well.” Broadcom established the End-User Computing Division following its recent acquisition of VMware, Inc. “We continue to bring groundbreaking innovations to the Workspace ONE DEX solution to provide the most comprehensive Anywhere Workspace platform that enables customers to support the increasing complexities of hybrid work,” said Shankar Iyer, senior vice president and general manager, End-User Computing Division, Broadcom. “We are thrilled to be named a leader in The Forrester Wave. To us, this recognition validates our vision and commitment to enable our customers

Broadcom (NASDAQ:AVGO) Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 12/08/2023 — Summit Insights Group Upgrades Hold → Buy 12/04/2023 7.93% Rosenblatt → $1000 Reiterates Buy → Buy 12/04/2023 18.73% Oppenheimer $990 → $1100 Maintains Outperform 11/28/2023 18.73% Susquehanna $1010 → $1100 Maintains Positive 11/24/2023 29.52% Keybanc $1000 → $1200 Maintains Overweight 09/22/2023 7.39% Truist Securities → $995 Reiterates Buy → Buy 09/21/2023 7.39% Truist Securities → $995 Reiterates Buy → Buy 09/18/2023 9.01% Susquehanna → $1010 Reiterates Positive → Positive 09/14/2023 7.93% Keybanc → $1000 Reiterates Overweight → Overweight 09/08/2023 7.39% Truist Securities $942 → $995 Maintains Buy 09/05/2023 7.93% Baird $900 → $1000 Maintains Outperform 09/01/2023 5.23% Piper Sandler $925 → $975 Maintains Overweight 09/01/2023 7.93% Evercore ISI Group → $1000 Reiterates Outperform → Outperform 09/01/2023 -2.86% Wells Fargo $800 → $900 Maintains Equal-Weight 09/01/2023 6.85% Oppenheimer $900 → $990 Maintains

BofA Securities Raises Price Target on Broadcom to $1,250 From $1,200, Maintains Buy Rating..

Broadcom’s (AVGO) VMware can contribute double-digit growth for several years because more workloads and activity continue to be supported virtually through the use of VMware technology, BofA Securities said Tuesday in a note. “We view this as key for [Broadcom’s] infra software strategy, as VMware (60% of segment sales) could accelerate segment growth from 4%-5% to 7%-8% long-term,” BofA said. The firm said that even though Broadcom hasn’t provided targets beyond 2024, it sees the potential of VMware to drive the company’s EPS toward $60 in 2025. Broadcom, a semiconductor manufacturing company, completed its acquisition of VMware in November. BofA maintained Broadcom’s buy rating and raised the price objective to $1,250 from $1,200.

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We keep our 12-month target at $1,100 on a P/E of 18.9x our CY 25 EPS view, above historical given increasing recurring software revenue post-VMware (40% sales software) and margin upside. We maintain our FY 24 (Oct.) EPS at $49.16 and FY 25 at $56.90. AVGO posts Oct-Q EPS of $11.06 vs. $10.45, beating the $10.96 consensus. Sales rose 4%, near expectations, with infrastructure software +7% and semiconductor solutions +3%. On the semiconductor side, we see growth being driven by networking (42% of semi sales and up 23% in Oct-Q; seen +30% in FY 24) given robust demand for custom AI accelerators as well as for switches/routers (AI to comprise over 25% of semi sales in FY 24, up from 15% in FY 23). We see significant

Broadcom (NASDAQ:AVGO)   reported fiscal Q3 non-GAAP earnings per diluted share of $10.54, up from $9.73 a year ago. Analysts surveyed by Capital IQ expected a normalized EPS of $10.43. Revenue for the quarter ended July 30 was $8.88 billion, up from $8.46 billion last year. Analysts polled by Capital IQ expected $8.86 billion. Broadcom repurchased and eliminated 2.9 million shares for $2.17 billion. For fiscal Q4, the company expects $9.27 billion in revenue, an increase of 4% from last year, and adjusted EBITDA of about 65% of the projected revenue. Analysts expected $9.29 billion in revenue.