5 Best NASDAQ Stocks to Buy and Hold For 3 Years

3. Broadcom Inc. (NASDAQ:AVGO)

Number of Hedge Fund Holders: 173

Broadcom Inc. (NASDAQ:AVGO) is one of the best NASDAQ stocks to buy and hold for 3 years. Broadcom Inc. (NASDAQ:AVGO) received a rating update from Benchmark on June 4. The firm lifted the price target on the stock to $545 from $485 and maintained a Buy rating on the shares, stating that shares sold off by about 13% after-hours despite record Q2 results, a 4c EPS beat, and Q3 revenue guidance $1.15B above consensus. The firm blames this on the market “measuring the report against an elevated AI semiconductor bar rather than published estimates”.

According to Benchmark, a further contributor to the stock’s weakness was management’s public acknowledgment that Google, which is Broadcom Inc.’s (NASDAQ:AVGO) largest TPU customer, is expected to diversify its TPU supplier base as its own AI compute consumption expands. However, despite that, the firm also believes that this supplier-diversification to MediaTek issue has become “widely expected and understood by industry followers”.

Broadcom Inc. (NASDAQ:AVGO) is a leading multinational technology company specializing in semiconductor and infrastructure software products. Its semiconductor and semiconductor-based solutions serve markets across networking connectivity, broadband, servers and storage systems, wireless device connectivity, and industrial. The company’s infrastructure software solutions serve markets including cybersecurity, private cloud, mainframe software, enterprise software, and Fibre Channel storage area network management.