Broadcom price target raised to $250 from $200 at Piper Sandler

Piper Sandler raised the firm’s price target on Broadcom (AVGO) to $250 from $200 and keeps an Overweight rating on the shares. The company reported a strong Q4 nd January guidance and most importantly, talked about the inflection in its artificial intelligence business and clearly laid out multi-year growth visibility through 2027, the analyst tells investors in a research note. The firm says Broadcom’s AI revenues have grown from $3.8B in 2023 to $12.8B in 2024 while the non-core business has pulled back in the 20% range over the same timeframe. Piper sees the strength in AI continuing at a “rapid pace” for Broadcom.