Credit Suisse Keeps a Buy Rating on Broadcom (AVGO)


Credit Suisse analyst John Pitzer reiterated a Buy rating on Broadcom (AVGO) yesterday and set a price target of $300. The company’s shares closed yesterday at $236.34.

According to TipRanks.com, Pitzer is a top 100 analyst with an average return of 18.1% and a 64.6% success rate. Pitzer covers the Consumer Goods sector, focusing on stocks such as Rudolph Technologies, Lam Research, and Teradyne.

Currently, the analyst consensus on Broadcom is a Strong Buy with an average price target of $291.63, implying a 23.4% upside from current levels. In a report issued on November 8, J.P. Morgan also resumed coverage with a Buy rating on the stock with a $325 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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