Mizuho Securities analyst Vijay Rakesh reiterated a Buy rating on Broadcom (AVGO) yesterday. The company’s shares closed last Monday at $300.58.
Rakesh observed:
“We believe AVGO continues to see stability despite management’s caution regarding U.S.-China trade tensions and global macro weakness.”
According to TipRanks.com, Rakesh is a top 100 analyst with an average return of 21.0% and a 63.7% success rate. Rakesh covers the Consumer Goods sector, focusing on stocks such as Skyworks Solutions, Intel Corporation, and Texas Instruments.
Broadcom has an analyst consensus of Strong Buy, with a price target consensus of $313.79, implying a 4.1% upside from current levels. In a report issued on September 9, Loop Capital Markets also maintained a Buy rating on the stock with a $310 price target.
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Based on Broadcom’s latest earnings release for the quarter ending April 30, the company reported a quarterly net profit of $691 million. In comparison, last year the company earned revenue of $5.06 billion and had a net profit of $1.2 billion.
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