Broadcom Earnings Show It’s Not Nvidia. Why Its Stock Is Worth a Look Anyway.

Broadcom has been anointed as the next big semiconductor play on the growth of artificial intelligence after Nvidia. That’s setting a high bar for the stock but Wall Street analysts are confident in its AI prospects.

Broadcom might be suffering because Nvidia’s blowout earnings raised expectations. However, Broadcom’s AI-related revenue is expected to rise to more than $7 billion next fiscal year from around $3.8 billion this year. That pace of growth is enough for analysts to get behind the stock. KeyBanc’s John Vinh raised his price target on the stock to $1,000 from $940. The new target is based on a price-to-earnings multiple of 19 times projected fiscal 2024 earnings, partly based on the expected closing of its VMware acquisition.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Broadcom stock slips after earnings as forecast fails to bring upsideThe chip company beat expectations on adjusted profit for latest quarter, while delivering largely in-line revenue.
Source: MarketWatch - 🏆 3. / 97 Read more »

Broadcom Earnings Edge Estimates. The Stock Slips.The chip maker sees promise in the artificial intelligence trend.
Source: MarketWatch - 🏆 3. / 97 Read more »

Inflation data, Broadcom earnings, Lululemon: 3 things to watch By Investing.comInflation data, Broadcom earnings, Lululemon: 3 things to watch
Source: Investingcom - 🏆 450. / 53 Read more »

Broadcom has a tough act to follow after Nvidia earningsBroadcom has a high bar to clear Thursday as the chip and software company reports on the progress of its AI initiatives.
Source: MarketWatch - 🏆 3. / 97 Read more »