Piper Sandler Bumps Up Broadcom Price Target By 10.3%

Piper Sandler analyst Harsh Kumar raised the price target on Broadcom Inc AVGO to $750 from $680 and reiterated an Overweight.

• The price target implies a 12.7% upside to December 31, 2021 closing price.
• Kumar changed his overall posture about the semiconductor industry in 2022.
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• Kumar feels the new year will be a stock picker's market with specific areas that will continue to win and others that will not perform well.
• For 2022, Kumar favors "larger, more profitable, cash-generating names that have a clear growth path ahead of them based on end-markets."
• Kumar sees cloud, enterprise, 5G infrastructure, electric vehicles, and connectivity as the primary focus areas.
• The analyst is cautious on the automotive end-market more broadly and PCs.
• Price Action: AVGO shares closed lower by 0.31% at $663.32 on Monday.