Broadcom price target raised to $220 from $205 at Citi

Citi raised the firm’s price target on Broadcom (AVGO) to $220 from $205 and keeps a Buy rating on the shares. The company reported roughly in-line fiscal Q4 results with slightly higher guidance on software strength as semiconductor revenue will decline quarter-over-quarter due to seasonal declines in the wireless business, the analyst tells investors in a research note. However, the firm says Broadcom’s artificial intelligence pipeline remains strong as it announced two new AI customers – one of which Citi believes is Apple (AAPL) – which should continue to drive growth.