Broadcom’s soaring stock fueled by AI win, stock split announces.

TLDR:

• Broadcom stock soared after beat-and-raise earnings report and announced stock split.
• At least 19 Wall Street firms raised price targets on Broadcom stock.

Broadcom’s quarterly report fueled FOMO trading in AI hardware stocks, benefiting companies like Nvidia, Arista Networks, and Micron Technology. The company’s stock saw a 12.3% jump and hit a record high. Analysts have expressed optimism about Broadcom’s position in custom AI processors, Ethernet networking, and VMware infrastructure software, with some referring to it as a “must-own” name in AI. The stock split announced will take effect on July 15.

BofA Securities analyst Vivek Arya named Broadcom a top AI pick alongside Nvidia, raising the price target to 2,000. Barclays analyst Tom O’Malley described Broadcom’s fiscal second-quarter report as a “mic drop” report, increasing the price target to 2,000 as well. Jefferies analyst Blayne Curtis noted Broadcom’s conservative AI revenue guidance for the full fiscal year and reiterated a buy rating, raising the price target to 2,050.

Key Points:

• Broadcom stock surged after strong earnings report and stock split announcement.
• Analysts bullish on Broadcom’s position in AI processors and networking products.
• Broadcom’s stock split set to take effect on July 15.
• At least 19 Wall Street firms raised price targets on Broadcom stock.