Tech Times Daily

: Broadcom stock streaks to records, leads S&P 500 gainers

Broadcom Inc. shares AVGO surged to new records and led gainers on the S&P 500 index SPX Friday following positive commentary ahead of the chip maker’s earnings on Thursday. Shares rallied 12% to a record intraday high of $814.98, and finished up 11.5% at a record high of $812.73, with the previous high being this past Thursday’s $728.80. March 26, 2020, when shares rose 11.8%. Broadcom shares also led gainers on the S&P 500, which was up 1.3%. This past Thursday, Susquehanna Financial analyst Christopher Rolland, who has a positive rating in the stock, raised his price target to $785 from $690. After Apple Inc.’s AAPLrecent earnings, which reported a surprise jump in iPhone sales, Rolland said reduced iPhone checks “present a modest risk to guidance,” but said the “multi-year, multibillion-dollar extension with Apple for RF/Wi-Fi components should mitigate Apple in-sourcing risk, solidifying this longer-term relationship.” On Friday, Oppenheimer analyst Rick Schafer, who has an outperform rating and a $800 price target, said he sees second half sales led by mobile (Apple) and networking. “Broadcom’s Tomahawk, Trident and Jericho switches/routers benefit from generative AI adoption as connectivity needs to keep pace w/advances in compute,” Schafer said.

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