Broadcom (NASDAQ:AVGO) stock is in the news Thursday after TD Cowen increased its price target for the semiconductor company’s shares.
That increase has TD Cowen analysts increasing their price target for AVGO stock from $1,400 per share to $1,500. That represents a potential 17.6% increase over its prior closing price. It’s also above the analysts consensus price prediction of $1,230.18 per share.
To go along with that price target increase, TD Cowen analysts also upgraded AVGO stock from a “market perform” rating to an “outperform” rating. To put that in perspective, the analyst consensus rating for AVGO is a moderate buy based on 21 opinions.
Why The Bull Stance on AVGO Stock?
Here’s what the TD Cowen analysts had to say about Broadcom in a note to clients obtained by Seeking Alpha:
“Despite this recent run TD Cowen is confident in sustainability and diversity of growth and potential upside to consensus’s forward estimates driven by AI compute/networking and software growth/margins.”
AVGO stock is up 8% as of Thursday morning with more than 2.7 million shares changing hands. That’s closing in on the company’s daily average trading volume of about 2.9 million shares. The stock is also up 27.4% since the start of the year.
Investors looking for more of the most recent stock market stories are in luck!
We have all of the hottest stock market news ready to go on Thursday! Among that is what has shares of Yield10 Bioscience (NASDAQ:YTEN) stock, Lufax (NYSE:LU) stock and Baozun (NASDAQ:BZUN) stock moving today. All of that news is available at the links below!
More Thursday Stock Market News
- Why Is Yield10 (YTEN) Stock Up 117% Today?
- LU Stock Earnings: Lufax Holding Misses EPS, Misses Revenue for Q4 2023
- BZUN Stock Earnings: Baozun Misses EPS, Beats Revenue for Q4 2023
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
