Broadcom (NASDAQ:AVGO) stock is on the move Thursday after the price target for its shares was increased by analysts at Rosenblatt.
Rosenblatt analyst Hans Mosesmann increased the firm’s price target for AVGO stock from $1,650 per share to $2,400 per share. That represents a 37.6% premium over the stock’s previous closing price. It’s also well above the analysts’ consensus price estimate of $1,706.37 per share.
With this new price target, the Rosenblatt analyst maintains his “buy” rating for AVGO stock. That rating matches the analysts’ consensus rating, which is based on 28 opinions.
What’s Behind the AVGO Stock Coverage
Mosesmann is weighing in on Broadcom stock as the company prepares for a reverse split. This has it planning a one-for-10 reverse stock split that will go into effect after markets close on Friday.
In addition to that, the Rosenblatt analyst continues to believe in Braodcom’s potential to serve the artificial intelligence (AI) market. This is a sector that has been performing well in 2024 and attracting extra investor attention.
AVGO stock is down 2.2% as of Thursday morning. Even so, the shares are still up 57.3% since the start of the year.
Investors seeking out even more of the most recent stock market stories are going to want to keep reading!
We are offering up insight into all of the hottest stock market news traders need to know about on Thursday! A few examples include what’s going on with shares of QuantumScape (NYSE:QS), Advanced Micro Devices (NASDAQ:AMD) and Costco (NASDAQ:COST) stock today. You can catch up on all of that at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
