What you need to know
- Broadcom shares surged Friday, a day after the chipmaker's fiscal fourth-quarter results exceeded Wall Street's expectations.
- Citi said that Broadcom had also revealed two AI customers during its quarterly earnings call. Citi guessed they were Apple and OpenAI.
- Several analysts raised their price targets for the stock following the company's earnings call, anticipating growing AI revenue in the coming years.
Broadcom shares (AVGO), which soared to new heights on Friday after exceeding expectations in the fiscal fourth-quarter, led by several analysts, have raised their target prices.
Artificial Intelligence (AI) in the chipmaker’s pipeline “remains strong,” Citi analysts stated Friday after Broadcom revealed two new AI clients on their earnings call. Broadcom failed to name any customers in the transcript from AlphaSense. Citi, however speculated, that the two could have been Apple (AAPL), or ChatGPT’s OpenAI. The Information reports that Apple is working with Broadcom on its AI chips.
Citi reiterated a “buy” It raised the target price to $220, up from $205. Shares of Broadcom jumped nearly 20% to $215.92 in early trading Friday, pushing its market capitalization above the $1 trillion level.
Bank of America’s analysts predicted that AI sales could be $30 billion dollars by 2027. It maintained its status as a bank. “buy” Rating raised its target price to $250, up from $215.
Analysts at Mizuho were more optimistic about Broadcom AI revenues, predicting more than $50 Billion in revenue by fiscal 2027. The firm lifted its price target to $245 from $220 and reiterated an “outperform" rating.
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