Mizuho Raises Broadcom (AVGO) Price Target to $310.00

Broadcom Beats Quarterly Sales, Earnings Targets; Shares Tick Up

Broadcom +4.4% as wireless chips drive Q4 beat, strong guidance

Operating expenses were roughly flat quarter-on-quarter, going to United States dollars 1.518 billion from 1.501 billion, though they declined from the year before's figure of 1.790 billion. The brokerage issued an outperform rating and a $335.00 price objective on the semiconductor manufacturer's stock. Broadcom makes up approximately 1.8% of M&R Capital Management Inc.'s portfolio, making the stock its 14th biggest holding.

Shares rose 4.2% to $274.92 after hours, adding to the 0.9% gain logged during Wednesday trading. Tower Research Capital LLC TRC now owns 573 shares of the semiconductor manufacturer's stock valued at $134,000 after acquiring an additional 473 shares in the last quarter. The Stock now has a Weekly Volatility of 2.98% and Monthly Volatility of 2.62%. The average volume for the existing shares outstanding is 3045.09. Jennison Associates LLC boosted its position in shares of Broadcom by 26.7% during the second quarter. IFP Advisors Inc now owns 2,169 shares of the semiconductor manufacturer's stock worth $506,000 after buying an additional 257 shares during the last quarter. Finally, Pioneer Investment Management Inc. increased its position in shares of Broadcom by 2.2% in the second quarter.

Broadcom Company Profile Broadcom Limited is a designer, developer and global supplier of a range of semiconductor devices with a focus on digital and mixed signal complementary metal oxide semiconductor (CMOS)-based devices and analog III-V based products. The firm has a market capitalization of $106,747.80, a P/E ratio of 19.78, a price-to-earnings-growth ratio of 1.26 and a beta of 1.05. The firm has "Top Pick" rating given on Friday, June 3 by RBC Capital Markets. The lowest target is $4.25 while the high is $5.65.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Wednesday, December 6th.

Broadcom Beats Quarterly Sales, Earnings Targets; Shares Tick Up

Analysts had projected adjusted earnings of $4.52 a share on $4.83 billion in revenue. The Return on Equity (ROE) value stands at 12.2%. They expect $0.04 EPS, 0.00% or $0.00 from last year's $0.04 per share. Also, SVP Bryan Ingram sold 13,207 shares of the company's stock in a transaction dated Wednesday, March 8th. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Hock E. Tan sold 20,000 shares of the firm's stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $244.01, for a total value of $7,320,300.00. Over the last 90 days, insiders sold 104,383 shares of company stock worth $25,949,184. BlackRock Inc. now owns 23,930,917 shares of the semiconductor manufacturer's stock worth $5,577,099,000 after purchasing an additional 798,982 shares in the last quarter. Morgan Stanley initiated the shares of AVGO in report on Monday, June 27 with "Overweight" rating. $293.93 was the targeted price for Broadcom Limited having a 4,875,103 volume of shares. Vetr raised shares of Broadcom from a "hold" rating to a "buy" rating and set a $258.25 price target for the company in a report on Monday, August 14th. The firm has "Buy" rating given on Thursday, August 24 by Robert W. Baird. The stock has "Buy" rating by Bernstein on Thursday, December 7. Three equities research analysts have rated the stock with a hold rating, thirty-five have given a buy rating and one has issued a strong buy rating to the company's stock.

On back of even higher confidence following robust execution for the quarter, the analyst reiterates a Buy rating on AVGO stock while lifting the price target from $313 to $317, which represents a 15% increase from current levels.

COPYRIGHT VIOLATION NOTICE: This story was originally reported by TrueBlueTribune and is the sole property of of TrueBlueTribune. The Company operates through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

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