Broadcom Analysts Increase Their Forecasts After Q4 Earnings

Broadcom Inc. AVGO reported upbeat earnings for its fourth quarter and increased its quarterly dividend by 14% to $5.25.

Broadcom reported quarterly earnings of $11.06 per share, exceeding analyst expectations of $10.98, a 5.84% increase over earnings of $10.45 per share from last year. The company reported quarterly sales of $9.29 billion, missing the Street's estimate of $9.41 billion, according to Benzinga Pro.

The company also said it sees full-year 2024 revenue of approximately $50 billion.

Broadcom shares fell 0.3% to trade at $919.28 on Friday.

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

• Rosenblatt raised the price target on Broadcom from $1,000 to $1,160. Rosenblatt analyst Hans Mosesmann maintained a Buy rating.
• TD Cowen increased the price target on Broadcom from $900 to $1,000. TD Cowen analyst Matthew Ramsay maintained a Market Perform rating.
• Summit Insights Group analyst Kinngai Chan upgraded Broadcom from Hold to Buy.

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