Broadcom (AVGO) Sees Increased Price Target and Continued Growth

Melius Research has elevated its price target for Broadcom (AVGO, Financial) from $198 to $283, while maintaining a Buy rating for the company’s shares. The firm anticipates a boost in sales driven by Broadcom’s advancements in AI semiconductors, which include custom AI accelerators and networking chips. Additionally, profits from Broadcom’s recent acquisition of VMWare in 2023 are expected to enhance earnings.

The research note highlights Broadcom’s ongoing potential for growth as it secures…