What Does the Street Think About Broadcom Inc. (AVGO)?

Broadcom Inc. (NASDAQ:AVGO) is one of the best strong buy growth stocks to buy according to hedge funds. Broadcom Inc. (NASDAQ:AVGO) received a rating update from Jefferies on January 15, which reiterated a Buy rating on the stock and set a price target of $200. The same day, Wells Fargo upgraded Broadcom Inc. (NASDAQ:AVGO) to Overweight from Equal Weight and set a price target of $430.

AVGO Stock: A Strong Buy Pick Backed by Robust Cash Flow and Dividend Growth

In another development, Broadcom Inc. (NASDAQ:AVGO) announced on January 6 the launch of its next-generation BCM4918 accelerated processing unit (APU) and two new dual-band Wi-Fi 8 devices, the BCM6714 and BCM6719. The launch marks a significant milestone in the company’s legacy of Wi-Fi innovation, with its unified Wi-Fi 8 platform allowing operators to deliver new real-time agentic applications for residential consumers with enhanced power efficiency and built-in security, attainable through the combination of smart intelligence and higher throughput.

Management further reported that Broadcom Inc. (NASDAQ:AVGO) is continually leading the industry with next generation intelligence, wireless performance, and efficiency, building on its first-to-market BCM6718 Wi-Fi 8 chipset. The new platform amalgamates advanced networking, compute acceleration, and robust security, delivering the necessary low latency, high throughput, and intelligent optimization for the emerging AI-driven connected ecosystem.

Broadcom Inc. (NASDAQ:AVGO) is a leading multinational technology company specializing in semiconductor and infrastructure software products.

While we acknowledge the potential of AVGO to grow, 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: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

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