Broadcom price target raised to $245 from $205 at Truist

Truist raised the firm’s price target on Broadcom (AVGO) to $245 from $205 and keeps a Buy rating on the shares. The company posted a “modest” upside on its Q4 earnings beat, though the bigger story of the quarter was the accelerating growth from its AI business, the analyst tells investors in a research note. Broadcom management noted that demand from its 3 ASIC customers will reach $60B-$90B in FY27, which implies a 3-year organic sales CAGR of 20%-30%. Truist added, also raising its FY25 EPS view by 38c to $6.58.