Bank of America resets Broadcom stock price target
Bank of America has updated its price target for Broadcom (AVGO) stock following the company's strong Q4 earnings report, which saw revenue increase by 28% year-over-year. Analyst Vivek Arya reiterated a buy rating and raised the target price from $460 to $500, citing increased pro forma EPS estimates and significant new customer orders, while also acknowledging potential downside risks. Broadcom continues to expand its partnerships and product offerings, particularly in its custom accelerator business and VMware Cloud Foundation services.
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