Broadcom Stock Issued Buy Rating and $1,620 Price Target on AI Growth Outlook

Evercore analyst Matthew Prisco initiated coverage of Broadcom (AVGO) stock with a buy rating and $1,620 price target based on AI-driven growth potential over the next decade.

Prisco believes investors are underestimating Broadcom's growth opportunities in artificial intelligence, citing its semiconductor and software capabilities.

Broadcom recently acquired VMware, which Prisco sees adding value within its software portfolio.

For fiscal 2024, Broadcom expects 40% revenue growth to $50 billion, slightly below Prisco's $52 billion estimate.

On TipRanks, Broadcom receives a Strong Buy analyst consensus rating based on 20 buy and 3 hold ratings, with an average price target of $1,573 implying 20% upside.