B.Riley FBR analyst Craig Ellis maintained a Buy rating on Broadcom (NASDAQ: AVGO) today and set a price target of $310. The company’s shares closed on Friday at $256.34.
Ellis noted:
“Broadcom (AVGO) reports 6/7 AMC and we project modestly above Street F2Q results which reset to 4/30’s preannouncement guidance, and an F3Q outlook at least matching 4/30’s initial guide and closer to updated Street estimates. First, our analysis suggests Storage should track to, or above, mgmt’s late-April views. Second, we believe Wired Infrastructure’s multi-year product cycles (i.e. Tomahawk I&II, Jericho I&II, others) are in good shape, and see 2H seasonal acceleration potential despite the above- seasonal 1H. Third, while of sales) was a well-known 1H drag, a seasonal 2H rebound is probable, a growth catalyst. Fourth, we anticipate robust Brocade GM and cost synergies execution, in F2Q’s first full quarter and thereafter.”
According to TipRanks.com, Ellis is a top 25 analyst with an average return of 39.8% and a 83.9% success rate. Ellis covers the Consumer Goods sector, focusing on stocks such as Silicon Laboratories, Applied Materials, and Brooks Automation.
Currently, the analyst consensus on Broadcom is Strong Buy and the average price target is $311.72, representing a 21.6% upside.
In a report issued on May 24, Evercore ISI also initiated coverage with a Buy rating on the stock with a $300 price target.
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The company has a one-year high of $285.68 and a one-year low of $221.98. Currently, Broadcom has an average volume of 3.86M.
Based on the recent corporate insider activity of 51 insiders, corporate insider sentiment is negative on the stock. Most recently, in March 2018, Kenneth Hao, a Director at AVGO bought 9,854 shares for a total of $348,635.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
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