Broadcom (AVGO) Stock: Oppenheimer Boosts Price Target on AI Tailwinds

Broadcom Inc. (NASDAQ:AVGO) is one of the AI Stocks Gaining Attention on Wall StreetOn 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.”

Broadcom (AVGO) Stock: Oppenheimer Boosts Price Target on AI Tailwinds

A semiconductor production line, showing the complex procedures of chip manufacture.

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.

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