Broadcom Inc (NASDAQ: NASDAQ:AVGO) Thursday reported third-quarter earnings and revenues ahead of expectations.
BofA Securities On Broadcom
Analyst Vivek Arya reiterated a Buy rating and $625 price target.
The company delivered another beat-and-raise quarter, “with FQ3 sales up 25% YoY (despite YoY China declines) and FQ4 guided to 20% YoY,” Arya said in a note.
“Despite macro uncertainty, AVGO is positioned well in more resilient data center/telco networking markets with differentiated assets (Tomahawk, Jericho) and can hold consistent 5%-10%+ long-term growth in wireless segments,” he added.
Raymond James On Broadcom
Analyst Melissa Fairbanks maintained a Market Perform rating.
“The company continues to outperform broader market trends with continued strong y/y growth across all semiconductor business segments — driven by a combination of new product ramps and accelerated upgrade activity across both cloud and enterprise customers,” Fairbanks said.
“While price inflation is also a factor, management estimates roughly 5% of the revenue growth this year is related to higher prices, while content growth and a higher level of systems-based revenue is a much more significant driver,” she added.
Check out other analyst stock ratings.
Rosenblatt Securities On Broadcom
Analyst Hans Mosesmann reiterated a Buy rating and $775 price target.
Broadcom’s results were “solid,” even against the backdrop of rising skepticism around “the sustainability of infrastructure silicon demand,” Mosesmann wrote in a note.
“Broadcom sees several quarters ahead of 50-week lead-times and shipments to undershoot bookings rates on multiple networking, cloud/enterprise/storage, product cycles,” he added.
KeyBanc Capital Markets On Broadcom
Analyst John Vinh reaffirmed an Overweight rating and reduced the price target from $780 to $700.
Broadcom’s performance showed no indication of a slowdown in near-term trends, Vinh said.
“However, mgmt acknowledged it has limited visibility into the sustainability of demand into 2023, despite maintaining 50-week lead times and non-canceable backlog,” the analyst stated. “We're fine-tuning estimates and reducing our PT to $700 to reflect the contraction in market multiples,” he added.
AVGO Price Action: Shares of Broadcom were trading 4.55% higher at $514.40 midday Friday.
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Latest Ratings for AVGO
| Mar 2022 | Truist Securities | Maintains | Buy | |
| Mar 2022 | JP Morgan | Maintains | Overweight | |
| Mar 2022 | Morgan Stanley (NYSE:MS) | Maintains | Overweight |
View the Latest Analyst Ratings
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