Broadcom (AVGO) Receives a Buy from Oppenheimer

Oppenheimer analyst Rick Schafer maintained a Buy rating on Broadcom (AVGO) today and set a price target of $350.00. The company’s shares closed last Friday at $234.26.

According to, Schafer is a top 100 analyst with an average return of 15.8% and a 69.0% success rate. Schafer covers the Consumer Goods sector, focusing on stocks such as Akoustis Technologies, Skyworks Solutions, and Texas Instruments.

Currently, the analyst consensus on Broadcom is a Strong Buy with an average price target of $297.00, representing a 25.5% upside. In a report issued on March 31, KeyBanc also maintained a Buy rating on the stock with a $290.00 price target.

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Based on Broadcom’s latest earnings release for the quarter ending January 31, the company reported a quarterly revenue of $5.86 billion and net profit of $385 million. In comparison, last year the company earned revenue of $5.79 billion and had a net profit of $471 million.

Based on the recent corporate insider activity of 56 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of AVGO in relation to earlier this year.

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Broadcom, Inc. is a global technology company, which designs, develops and supplies semiconductor and infrastructure software solutions. It operates through the following segments: Semiconductor Solutions, Infrastructure Software and IP licensing. The Semiconductor Solutions segment manages movement of data in data center, telecom, enterprise and embedded networking applications. The Infrastructure Software segment provides a portfolio of mainframe, enterprise and storage area networking solutions. The IP licensing segment licenses a portion of its broad IP portfolio. The company was founded in 1961 and is headquartered in San Jose, CA.

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