Wall Street expects Broadcom Inc AVGO to report $1.20 in earnings per share (EPS) and $12.96 billion in revenues when the company publishes third-quarter earnings on Thursday after market hours.
The stock is up 77.38% over the past year, 42.54% year-to-date.
Let’s look at how Broadcom’s stock currently maps against Wall Street estimates.
Broadcom‘s Bearish Trend Ahead Of Q3 Earnings
Broadcom’s stock is showing a bearish trend, with the share price of $151.87 trading below its five, 20 and 50-day exponential moving averages, indicating significant selling pressure and potential for further bearish movement.
Chart created using Benzinga Pro
The eight-day, 20-day and 50-day simple moving averages are at $158.74, $157.82, and $159.04 respectively, all above the current share price, signaling a bearish outlook.
However, the stock is trading above its 200-day SMA of $133.88, which offers a bullish signal for the longer term.
Chart created using Benzinga Pro
The MACD (Moving Average Convergence/Divergence) indicator, at 0.28, and the Bollinger Bands ($137.87 – $173.64) suggest a bullish sentiment, while the RSI (relative Strength Index) of 44.58 indicates that Broadcom stock is currently in the neutral territory. The declining trend in the RSI might indicate the stock nearing the oversold territory.
Despite short-term bearish signals, there is potential for a bullish reversal if the stock can find support at these levels.
Broadcom Analysts Consensus Ratings
Broadcom Ratings & Consensus Estimates: The consensus analyst rating on Broadcom stock stands at a AAA currently with a price target of $14.52.
AVGO Price Action: Broadcom stock was trading at $156.20, up 2.23% at the time of publication.
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