Citi raised the firm’s price target on Broadcom (AVGO) to $205 from $175 and keeps a Buy rating on the shares ahead of the fiscal Q4 report on December 12. The firm expects the company to report results above consensus, driven by a recovery in the non-artificial intelligence semiconductor business with a “better-than-feared” gross margin outlook due to higher software mix. However, it believes Broadcom’s Q1 guidance “will be tempered” as there appears to be a slowdown in orders from its leading AI customer Google. Citi does, however, expect business to ramp from Meta throughout 2025 and “pick up the slack.”
Discover the Best Stocks and Maximize Your Portfolio:
- See what stocks are receiving strong buy ratings from top-rated analysts.
- Filter, analyze, and streamline your search for investment opportunities with TipRanks’ Stock Screener.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on AVGO:
- Broadcom Inc. (AVGO) Q4 Earnings Cheat Sheet
- Broadcom Pre-Earnings: The Key to Bullish Momentum Lies in Guidance
- Options Volatility and Implied Earnings Moves This Week, December 09 – December 12, 2024
- AMD downgraded to Neutral from Buy at BofA
- S&P Sees Big Gains Following the Release of a New Jobs Report