Why Is Broadcom Stock Rising Today?

Broadcom Inc. AVGO shares are moving Tuesday after several analysts raised their price targets on the stock.

What To Know: Multiple analysts lifted price targets for Broadcom, ranging from $820 to $890. This is auspicious timing for the company as the broader technology sector has benefitted from the recent AI-related surge from Nvidia Corp.

Here's a look at the analyst changes from Tuesday.

• Keybanc maintained Broadcom with an Overweight and raised the price target from $720 to $820.
• Evercore ISI Group maintained Broadcom with an Outperform and raised the price target from $725 to $850.
• BMO Capital maintained Broadcom with an Outperform and raised the price target from $750 to $890.

The analyst updates come just days ahead of Broadcom's second-quarter earnings, due June 1. According to estimates from Benzinga Pro, Broadcom is expected to report earnings of $10.08 per share on quarterly revenue of $8.7 billion.

Related Link: What's Going On With Microsoft Stock Tuesday

AVGO Price Action: Shares of AVGO were up 1.89% at $828.11 at the time of publication, according to Benzinga Pro.

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