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The Key Takeaways
- Broadcom shares hit a record-high Monday after the chipmaker continued its rally following earnings.
- The chipmaker's stock has surged to the point where it has already exceeded or is quickly approaching price targets raised last week in the wake of its better-than-expected earnings report.
- Bernstein analysts said the company may be having its own "Nvidia moment."
Broadcom shares (AVGO), which have been soaring since the company’s earnings, reached a new high on Monday.
In intraday trading, the stock rose over 10% to $248.09 on its way to a new high. Since Broadcom’s fiscal fourth-quarter results were released on Thursday, which exceeded all expectations, it has gained over 40%.
After Broadcom reported better than expected results late last week, several analysts increased their target prices. With Monday’s rise, it appears that the stock is already exceeding or close to reaching most of these targets. Citi increased its target price to $220. JPMorgan raised it to $250.
Analysts at Bernstein compared Broadcom’s rapid rise with that of AI darling Nvidia(NVDA), writing that the stock could be experiencing its own “Nvidia moment.” The value of Broadcom and Nvidia shares has more than doubled this year, due to the demand for AI infrastructure. Analysts set a target of $250 and “overweight” Broadcom is rated as a. “top pick,” Nvidia’s latest driver is available.
BofA’s note Monday to its clients included Broadcom as one of the top six picks in the semiconductor sector for 2025. It also named Nvidia (NVDA), Marvell Technology(MRVL), Lam Research(LRCX), Onsemi, (ON) and Cadence Design Systems. Broadcom’s impressive earnings-per-share (EPS) and “best-semis profitability” For its inclusion on the list.
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