Analysts Cheer Broadcom's Quarterly Beat, Outlook, Dividend Hike, Share Buyback

Analysts lauded Broadcom Inc's AVGO Q4 Beat, Q1 outlook above consensus, dividend hike, and $10 billion share buyback.

• KeyBanc analyst John Vinh raised the price target to $710 from $575 (21.7% upside) and kept an Overweight.
• Broadcom posted solid results and higher guidance, and while it did not provide FY22 guidance, most of the FY remains booked out and non-cancelable, with lead times remaining stable at ~50 weeks, Vinh tells.
• Piper Sandler analyst Harsh Kumar raised the price target to $680 from $550 (16.6% upside) and kept an Overweight. 
• Broadcom reported an "extremely strong" October quarter and provided January quarter guidance well ahead of expectations, Kumar tells. 
• The analyst says most of the company's segments will likely do well year-over-year in the January quarter. 
• Broadcom is seeing robust demand from hyperscale players, while the enterprise market appears to be recovering very quickly, he adds.
• Mizuho analyst Vijay Rakesh reiterated a Buy and raised the price target from $600 to $665 (14% upside).
• Deutsche Bank analyst Ross Seymore raised the price target to $700 from $560 (20% upside) and kept a Buy. 
• The company delivered a "relative typical" in-line Q4 but guided for a significantly better than expected Q1, led by a "seasonality-bucking" continuation of quarter-over-quarter growth in its semiconductor segment as well as accelerating trends in enterprise Seymore tells.
• Credit Suisse analyst John Pitzer raised the price target to $700 from $620 and kept an Outperform. 
• Broadcom remains one of the best positioned Semis in the analyst's coverage with best-in-class IP for data transport and I/O, which is becoming more critical to the Data Economy, Pitzer tells.
• JPMorgan analyst Harlan Sur raised the price target to $700 from $655 and kept an Overweight. 
• The company last night delivered "solid" results and guide, a "strong" dividend raise, and put in place a new share buyback plan, Sur tells. 
• Broadcom continues to be his top pick in semis.
• Wells Fargo analyst Aaron Rakers raised the price target to $635 from $565 (8.8% upside) and kept an Equal Weight.
• Broadcom delivered slightly better-than-expected Q4 results but provided "solid" Q1 guidance, Rakers tells.
• Price Action: AVGO shares traded higher by 6.03% at $618.60 in the premarket session on the last check Friday.