Broadcom Analysts Raise Their Forecasts After Strong Q2 Results

Broadcom Inc. AVGO reported upbeat earnings for its second quarter. The company also said it sees third-quarter revenue of approximately $8.85 billion versus estimates of $8.72 billion.

Broadcom said second-quarter revenue increased 8% year-over-year to $8.73 billion, which beat average analyst estimates of $8.71 billion. The company reported quarterly adjusted earnings of $10.32 per share, which beat estimates of $10.08 per share.

Broadcom shares fell 0.3% to $787.88 in today’s pre-market trading session.

These analysts made changes to their price targets on Broadcom following earnings announcement.

• Keybanc raised the price target on Broadcom from $820 to $940. Keybanc analyst John Vinh maintained an Overweight rating.
• Oppenheimer boosted the price target on Broadcom from $800 to $900. Oppenheimer analyst Rick Schafer maintained an Outperform rating.
• B of A Securities increased Broadcom price target from $800 to $950. B of A Securities analyst Vivek Arya maintained a Buy rating.
• Rosenblatt raised Broadcom price target from $775 to $900. Rosenblatt analyst Hans Mosesmann maintained the stock with a Buy.
• Baird increased Broadcom price target from $700 to $900. Baird analyst Tristan Gerra maintained the stock with an Outperform.
• Mizuho raised Broadcom price target from $720 to $840. Mizuho analyst Vijay Rakesh maintained the stock with a Buy.

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