10 AI Stocks Gaining Attention on Wall Street

7. Broadcom Inc. (NASDAQ:AVGO)

Number of Hedge Fund Holders: 158

Broadcom Inc. (NASDAQ:AVGO) is one of the 10 AI Stocks Gaining Attention on Wall Street. On July 15, Oppenheimer reiterated Broadcom as “Outperform” and raised the firm’s price target to $305 from $265.

The firm affirmed the rating after increasing targets in the semiconductor group as part of a Q2 preview. According to Oppenheimer, most companies that are exposed to artificial intelligence are in for a “beat and raise” setup.

The firm is long-term bullish on the entire sector based on the powerful role of semis in AI and the broader technology value chain.

“Our top picks are NVDA , AVGO, MRVL, and MPWR.”

Particularly for Broadcom, Oppenheimer noted three factors supporting the bullish thesis: the company’s expanding earnings power over time, sticky and stable industrial and infrastructure exposure, and defensible technology. Broadcom deserves to trade at a multiple closer to in line with its peer group, the firm believes.

Broadcom is a technology company uniquely positioned in the AI revolution owing to its custom chip offerings and networking assets.