Broadcom is a best-in-class chip stock as A.I. drives earnings power, Bank of America says

Broadcom continues to be a "best-in-class" buying opportunity as artificial intelligence drives earnings power, according to Bank of America. Analyst Vivek Arya reiterated a buy rating on Broadcom following a keynote address from CEO Hock Tan at Bank of America's Global Technology Conference.

mountain Broadcom shares 1-day Broadcom shares surged 41% this year. However, the analyst's $950 price objective represents 20% further upside from Tuesday's close of $790. That growth will be supercharged by the rapidly expanding A.I. market, which is still in its early stages. Arya highlighted the potential not only in Broadcom's semiconductors business, but also in its AI ethernet networking platform.

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