Analysts Stay Bullish on Broadcom (AVGO), Citing Recovery Potential and AI Tailwinds

We recently published a list of 10 Trending AI Stocks on Wall Street Right Now. In this article, we are going to take a look at where Broadcom Inc. (NASDAQ:AVGO) stands against other trending AI stocks on Wall Street right now.

On June 3rd, Citi reiterated Broadcom Inc. (NASDAQ:AVGO) as “Overweight” and raised its price target on the stock to $276 from the previous $210 ahead of earnings on Thursday.

The reaffirmation from Citi reflects its continued confidence in Broadcom’s market position and growth prospects.

Analysts Stay Bullish on Broadcom (AVGO), Citing Recovery Potential and AI Tailwinds

A technician working at a magnified microscope, developing a new integrated circuit.

Broadcom is scheduled to announce its results for the second quarter of Fiscal 2025 on Thursday, June 5, after the market closes. The firm has highlighted artificial intelligence tailwinds for the stock.

“With its non-AI semi business down roughly 40% from the peak, we believe the business should recover from the current levels and offset most of the gross margin dilution from its AI business. We raise our estimates, reiterate our Buy rating on AVGO and raise our price target from $210 to $276.”

In other news, Seaport also reiterated Broadcom as “Buy,” stating that it’s sticking with the stock heading into earnings on Thursday.

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

Overall, AVGO ranks 2nd on our list of trending AI stocks on Wall Street right now. While we acknowledge the potential of AVGO as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than AVGO and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.