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Anusuya Lahiri

Piper Sandler Remains Optimistic About Broadcom, Thanks To Apple

  • Piper Sandler analyst Harsh Kumar believes Broadcom Inc (NASDAQ:AVGO) is in a "great position to beat and raise" when it reports earnings later this week. 
  • He's "optimistic about the print and guide for several reasons." 
  • Kumar thinks the company's networking business has re-accelerated given the ramp in hyper-cloud and data center capex.
  • Kumar also sees Apple Inc's (NASDAQ:AAPL) better than the seasonal December quarter as a tailwind for Broadcom's wireless business. 
  • Given the market weakness, Kumar also expects Broadcom to be active on its recently announced $10 billion buyback plan.
  • He reiterated an Overweight rating on the shares with a $750 price target (31% upside).
  • Price Action: AVGO shares closed lower by 2.95% at $570.12 on Tuesday.
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