On Monday, Broadcom Inc
The Sian and Sian2 DSPs, power pluggable modules with 200G/lane interfaces, are essential for the next generation of AI clusters.
Vijay Janapaty, vice president and general manager of the Physical Layer Products Division at Broadcom: "The Sian family of products reinforces Broadcom's leadership in optical DSP PHYs and enables our AI data center customers to deploy high-performance 800G and 1.6T links."
Broadcom reported third-quarter topline growth of 42% to $13.07 billion, topping the analyst consensus of $12.96 billion. The adjusted gross margin grew by 230 bps to 77.4%.
Broadcom expects artificial intelligence semiconductor revenue to rise to $12 billion in fiscal 2024.
Goldman Sachs analyst Toshiya Hari maintained its bullish take on the stock, citing the spending ramp-up by the large Tier-1 hyperscalers. The analyst flagged that the company is currently in the proof of concept (POC) stage with three hyperscale customers.
Broadcom stock has increased 104% in the last 12 months. Investors can gain exposure to the stock through SPDR Select Sector Fund-Technology
Shares of Broadcom have an average 1-year price target of $534.17, representing an expected upside of 213.69%.
Broadcom Stock Prediction For 2024
Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. No analysts have bearish recommendations on Broadcom, while 12 analysts have bullish ratings. The street high price target from Rosenblatt is $2400.0, while the street low from UBS is $170.0.
Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.
Price Action: AVGO stock is down 0.61% at $170.09 at the last check on Monday.
