Fabless chipmaker and infrastructure software provider Broadcom received several positive reports from Wall Street analysts ahead of Monday's market open. Broadcom stock notched a record high on the news.
Jefferies analyst Blayne Curtis reiterated his buy rating on Broadcom stock and raised his price target to 315 from 300 on Monday.
On the stock market today, Broadcom stock advanced 2.3% to close at 275.65. Earlier in the session, it reached an all-time high of 277.70.
Broadcom's data center business remains robust, Curtis said in a client note. That includes sales of application-specific integrated circuits, or ASICs, for artificial intelligence applications as well as data center networking chips.
"Overall, AVGO remains one of our favorite names within the AI universe," Curtis said.
Broadcom is targeting seven major customers developing large-language models (LLMs) for AI, he said. Five of those are in the U.S., Curtis said. Those are customers for its ASICs as well as networking products.
Elsewhere on Wall Street, Mizuho Securities analyst Vijay Rakesh maintained his buy rating on Broadcom stock with a price target of 310.
Broadcom Stock Is On 2 IBD Lists
Rakesh said shipments of custom ASICs, from Broadcom and others, could exceed those of graphics processing units from Nvidia and AMD, for AI servers in 2026.
ASICs offer a "clear cost advantage" over merchant GPUs in the long run, he said.
Broadcom stock is on two IBD lists: Leaderboard and Tech Leaders.
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