Broadcom Limited (AVGO) PT Raised to $1,950 at Baird

Baird analyst Tristan Gerra raised the price target on Broadcom Limited (NASDAQ: AVGO) to $1,950.00 (from $1,500.00) while maintaining a Outperform rating.

The analyst commented: "Networking revenue outlook was raised to a 40% increase YoY versus prior guidance of a 35% increase, with AI revenue to exceed $11 billion. Management raised its F2024 full revenue guidance to $51.0 billion. Broadcom was awarded Google's v7 TPU. Non-AI semiconductor bookings are up 30% YoY with F2Q24 seen as the bottom except for Broadcom which should stabilize in 2H. Outperform-rated."

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