Semiconductor giant Broadcom (NASDAQ:AVGO) made headlines with a 10-for-1 stock split announcement following its strong second-quarter results. The company reported impressive sales growth, with AI revenue soaring 280% year-over-year to $3.1 billion. The stock is up 14% in premarket trading, and analysts are bullish on its prospects.
The upcoming stock split is set for July 11, with shares trading on a split-adjusted basis on July 15. This move aims to make Broadcom’s shares more accessible to investors and employees, potentially attracting more retail investors with a lower share price.
Wall Street analysts are optimistic about AVGO, with Jefferies’ Curtis Blayne raising his price target to $2,050 and UBS’s Timothy Arcuri increasing his target to $1,735. Both analysts see strong potential in Broadcom’s AI business and expect continued growth in other areas.
Overall, Wall Street has a Strong Buy consensus on Broadcom, with an average price target of $1,648.32. Technical analysis also indicates a strong buy signal for the chipmaker on a monthly time frame.
In conclusion, Broadcom’s stock split and strong performance have caught the attention of investors and analysts alike, pointing to a positive outlook for the company moving forward.
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