Piper Sandler Remains Optimistic About Broadcom, Thanks To Apple

Piper Sandler analyst Harsh Kumar believes Broadcom Inc AVGO is in a "great position to beat and raise" when it reports earnings later this week.
He's "optimistic about the print and guide for several reasons."
Kumar thinks the company's networking business has re-accelerated given the ramp in hyper-cloud and data center capex.
Kumar also sees Apple Inc's AAPL better than the seasonal December quarter as a tailwind for Broadcom's wireless business.
Given the market weakness, Kumar also expects Broadcom to be active on its recently announced $10 billion buyback plan.
He reiterated an Overweight rating on the shares with a $750 price target (31% upside).
Price Action: AVGO shares closed lower by 2.95% at $570.12 on Tuesday.