In a report released yesterday, Matt Ramsay from Cowen & Co. maintained a Buy rating on Broadcom (AVGO), with a price target of $280. The company’s shares closed yesterday at $228.56.
According to TipRanks.com, Ramsay is a top 100 analyst with an average return of 22.4% and a 59.8% success rate. Ramsay covers the Consumer Goods sector, focusing on stocks such as Silicon Laboratories, Monolithic Power, and Nvidia.
Broadcom has an analyst consensus of Strong Buy, with a price target consensus of $290.85, implying a 27.3% upside from current levels. In a report issued on December 3, B.Riley FBR also upgraded the stock to Buy with a $300 price target.
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Based on Broadcom’s latest earnings release for the quarter ending July 31, the company reported a quarterly revenue of $5.06 billion and net profit of $1.2 billion. In comparison, last year the company earned revenue of $4.84 billion and had a net profit of $636 million.
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Broadcom, Inc., is a holding company, which engages in the design, development and supply of analog and digital semiconductor connectivity solutions. It serves four primary end markets: wired infrastructure, wireless communications, enterprise storage and industrial & other.
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