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

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The stock was falling in premarket trading on Friday, with investors seemingly disappointed by its earnings.

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.

 

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