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Benzinga

Business

Anusuya Lahiri

Piper Sandler Sees Sharp Upside In This Chipmaker

Piper Sandler AVGO Broadcom Broadcom Inc Harsh Kumar

Piper Sandler analyst Harsh Kumar reiterated an Overweight rating on Broadcom Inc (NASDAQ:AVGO) with a $750 price target after hosting management for an investor meeting. The price target implies an upside of 40.4%.
The analyst is "feeling increasingly confident" about trends in 2022, given the recent acceleration in hyper-scale and cloud orders, the visibility provided by lead times, and the continued momentum in enterprise and telco spending.
He likes the Broadcom share setup and says investors should consider the company as a core holding in the current environment.
Price Action: AVGO shares closed lower by 1.37% at $534.14 on Tuesday.

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