tiprankstipranks
Broadcom price target raised to $590 from $575 at Deutsche Bank
The Fly

Broadcom price target raised to $590 from $575 at Deutsche Bank

Deutsche Bank analyst Ross Seymore raised the firm’s price target on Broadcom to $590 from $575 and keeps a Buy rating on the shares. Heading into 2023, the analyst expects semiconductor investor focus to move to finding a "bottom in both fundamentals and share prices." Fundamental weakness is more likely to be spread over a longer duration given the rolling nature of the downturn up to this point, Seymore tells investors in a research note. He believes the recent significant rally in the group is premature given the likelihood of continued fundamental deterioration and therefore expects a "superior opportunity to become more constructive to emerge later in 2023."

Don't Miss our Black Friday Offers:

Published first on TheFly

See the top stocks recommended by analysts >>

Read More on AVGO:

Looking for investment ideas? Subscribe to our Smart Investor newsletter for weekly expert stock picks!
Get real-time notifications on news & analysis, curated for your stock watchlist. Download the TipRanks app today! Get the App