Although Broadcom (NASDAQ: AVGO) hasn’t experienced the same explosive growth as some other semiconductor leaders, particularly Nvidia (NASDAQ: NVDA), the company has still achieved significant success in 2024.
Specifically, AVGO shares have risen by 67.37% since the start of the year, beginning on January 2, and are priced at $181.51 as of October 21.
The stock’s performance during the opening hour of trading on Monday reflects its consistent upward trend, marking a 1.01% gain.
Broadcom’s success continues to be bolstered by its engagement with artificial intelligence (AI) and various other noteworthy business advancements.
For instance, the company is reportedly seeking to resolve a prolonged dispute with AT&T concerning allegations that Broadcom threatened to withhold licensed software following its acquisition of VMware.
Additionally, as of October 21, the situation regarding VMware appears to be progressing favorably.
Following a recent $5 billion bond issuance—conducted with JPMorgan (NYSE: JPM), TD Bank, and Truist Securities—Broadcom has issued an optimistic adjustment for 2025, a move aimed at mitigating the lingering consequences of its November 2023 acquisition.
Wall Street analysts set new AVGO stock price targets
Clearly, analysts have recognized the various developments and the overall strength of the stock market, leading them to revise AVGO stock’s 12-month price targets recently.
On October 8, Cantor Fitzgerald and Truist both raised their price targets while retaining their ‘buy’ ratings for Broadcom. Cantor Fitzgerald made a significant increase from $200 to $225, while Truist revised its forecast slightly, from $204 to $205.
Just two days later, DBS analyst Fang Boon Foo echoed the sentiments of Truist, maintaining the ‘buy’ rating for AVGO stock and adjusting the price target from $204 to $205.
Mizuho Securities also aligned with other analysts, upholding a ‘buy’ recommendation for Broadcom shares and increasing its 12-month price goal from $190 to $220.
Finally, Bank of America (NYSE: BAC) similarly views developments related to VMware and AI positively, keeping its ‘buy’ rating on AVGO stock while raising the price target to $215.
The newly suggested 12-month price targets represent a general consensus across Wall Street regarding Broadcom stock.
As of October 21, data from TipRanks indicates that AVGO is categorized as a ‘strong buy,’ with 23 analysts recommending ‘buy,’ 3 suggesting ‘neutral,’ and no analysts advocating for a sell. Overall, Broadcom shares are anticipated to appreciate another 11.65% over the next 52 weeks to reach $199.80.
The aggregated data show that the price targets for October reflect a more conservative outlook compared to the Street’s peak of $240 set by Rosenblatt Securities in early September, yet remain significantly above UBS’s lowest 12-month target of $170 established a month and a half ago.
Notably, even the $170 target, which implies a decline from the current price of $181.51, was still accompanied by a ‘buy’ recommendation.
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