Rosenblatt Securities Believes Broadcom (AVGO) Won’t Stop Here
In a report released today, Hans Mosesmann from Rosenblatt Securities maintained a Buy rating on Broadcom (AVGO), with a price target of $350. The company’s shares opened today at $286.46, close to its 52-week high of $299.55.
“We rate AVGO a Buy and maintain our $350 price target. Solid overall January quarter results and the reiteration of FY19 sales of $24.5 billion demonstrates the company’s superior business model able to withstand industry gyrations and uncertainty. Investors may take pause on declining gross margins for the rest of the year, but we would position as mix related on conservatism on the CA part of the business. Relatively strong semiconductor business trends are being driven by networking data center Tomahawk3 switches (offsetting industry compute and storage inventory issues) and stabilization in wired/broadband. Wireless is viewed as having a strong back half of the year on strong dollar content expansion (FBAR content and reclaiming a lost socket from last year).”
According to TipRanks.com, Mosesmann is a 5-star analyst with an average return of 11.0% and a 55.6% success rate. Mosesmann covers the Consumer Goods sector, focusing on stocks such as Texas Instruments, Lattice Semicon, and Microchip.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Broadcom with a $307.65 average price target, a 7.4% upside from current levels. In a report issued on March 6, Susquehanna also maintained a Buy rating on the stock with a $320 price target.
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Broadcom’s market cap is currently $109.3B and has a P/E ratio of 9.09. The company has a Price to Book ratio of 4.10.
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