What Happened With Broadcom Stock?

Broadcom Inc. AVGO shares traded higher on Tuesday. Despite a pullback at the end of November, the stock has charged higher into December.

What To Know: Broadcom stock took a breather from its November rally towards the end of the month, around the same time that the company announced the completion of its acquistion of VMware Inc.

However, shares resumed their move higher at the beginning of December, following the release of the company's fourth-quarter financial results. While the results were mixed, with the company reporting an earnings win and a revenue miss, Broadcom also increased its dividend and offered a promising full-year outlook.

More recently, on Monday, the stock was boosted after Citigroup analyst Christopher Danely reinstated Broadcom with a Buy and announced a $1100 price target.

Caltech and Broadcom announced a multi-year partnership, which aims to develop quantum science research and discoveries, on Monday as well.

The stock may also be experiencing tailwinds from recent chip momentum, most notably due to announcements made by Advanced Micro Devices, Inc. AMD at its Advancing AI event last week and the unveiling of its MI300X chip.

Related Link: What's Up With Incyte Stock Lately?

AVGO Price Action: Shares of AVGO were up 4.18% at $1,072.28 at the close of the market, according to Benzinga Pro.

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