Analysts Cheer Broadcom's Quarterly Beat, Outlook, Dividend Hike, Share Buyback

Analysts lauded Broadcom Inc's (NASDAQ: AVGO) Q4 Beat, Q1 outlook above consensus, dividend hike, and $10 billion share buyback.

• KeyBanc analyst John Vinh raised the price target to $710 from $575 (21.7% upside) and kept an Overweight.

• Broadcom posted solid results and higher guidance, and while it did not provide FY22 guidance, most of the FY remains booked out and non-cancelable, with lead times remaining stable at ~50 weeks, Vinh tells.

• Piper Sandler analyst Harsh Kumar raised the price target to $680 from $550 (16.6% upside) and kept an Overweight.

• Broadcom reported an "extremely strong" October quarter and provided January quarter guidance well ahead of expectations, Kumar tells.

• The analyst says most of the company's segments will likely do well year-over-year in the January quarter.

• Broadcom is seeing robust demand from hyperscale players, while the enterprise market appears to be recovering very quickly, he adds.

• Mizuho analyst Vijay Rakesh reiterated a Buy and raised the price target from $600 to $665 (14% upside).

• Deutsche Bank analyst Ross Seymore raised the price target to $700 from $560 (20% upside) and kept a Buy.

• The company delivered a "relative typical" in-line Q4 but guided for a significantly better than expected Q1, led by a "seasonality-bucking" continuation of quarter-over-quarter growth in its semiconductor segment as well as accelerating trends in enterprise Seymore tells.

• Credit Suisse analyst John Pitzer raised the price target to $700 from $620 and kept an Outperform.

• Broadcom remains one of the best positioned Semis in the analyst's coverage with best-in-class IP for data transport and I/O, which is becoming more critical to the Data Economy, Pitzer tells.

• JPMorgan analyst Harlan Sur raised the price target to $700 from $655 and kept an Overweight.

• The company last night delivered "solid" results and guide, a "strong" dividend raise, and put in place a new share buyback plan, Sur tells.

• Broadcom continues to be his top pick in semis.

• Wells Fargo analyst Aaron Rakers raised the price target to $635 from $565 (8.8% upside) and kept an Equal Weight.

• Broadcom delivered slightly better-than-expected Q4 results but provided "solid" Q1 guidance, Rakers tells.

• Price Action: AVGO shares traded higher by 6.03% at $618.60 in the premarket session on the last check Friday.

Latest Ratings for AVGO

Dec 2021	Mizuho	Maintains		Buy
Dec 2021	BMO Capital	Maintains		Outperform
Dec 2021	Piper Sandler	Maintains		Overweight

View More Analyst Ratings for AVGO
View the Latest Analyst Ratings

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