Broadcom price target raised to $1,650 from $1,250 at Piper Sandler

Piper Sandler raised the firm’s price target on Broadcom to $1,650 from $1,250 and keeps an Overweight rating on the shares Broadcom reported a stellar January quarter which surpassed Street expectations, with strength in the business being driven by Generative AI, which is contributing to strong growth in the custom ASIC as well as the networking business, the analyst tells investors in a research note. The firm is confident that the VMware acquisition will turn out to be a material success story similar to CA and Symantec.