Broadcom (AVGO) Positioned for AI Boom, Says Deutsche Bank — Reaffirms ‘Buy’ Rating

We recently published a list of 10 AI Stocks Gaining Wall Street’s Attention. In this article, we are going to take a look at where Broadcom Inc. (NASDAQ:AVGO) stands against other AI stocks that are gaining Wall Street’s attention.

One of the most notable analyst calls on May 29 was for Broadcom Inc. Deutsche Bank reiterated the stock as “Buy,” stating that it’s bullish ahead of earnings next week. The stock remains a favorite idea for the bank. Broadcom is a technology company uniquely positioned in the AI revolution owing to its custom chip offerings and networking assets.

“Overall, we continue to view AVGO as offering a unique combination of upside drivers with its AI business ramping in XPUs + Connectivity, its cyclical businesses slowly rebounding, and its Software business benefitting from VMW integration. As such, AVGO remains one of our favorite names in semis.”

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

Analysts on Wall Street currently have a consensus “Buy” rating on the stock. The average price target of $250 implies a 6% upside, however, the Street-high target of $301 implies an upside of 28%.

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