Bank of America boosts Broadcom price target on growing list of hyperscaler customers

Bank of America is responding to Broadcom’s earnings beat and rosy guidance by raising its price target and estimates on the stock.

Analysts led by Vivek Arya lifted their earnings per share forecasts for the current year and the next two while boosting their price target to $260 from $250, which implies upside of about 35% for the shares.

“AVGO’s outperformance comes as a refreshing change after more contentious EPS calls from peers,” Arya & Co wrote. “We see a rising tide and…