Broadcom shares hit record high after Goldman Sachs hikes price target
Shares of Broadcom AVGO.O rise 2.6% to $395.19, hitting an intra-day record high, after Goldman Sachs analysts hiked their price target
AVGO is on track for three straight sessions of gains
Ahead of AVGO's earnings report on December 11, investors are expected to focus on annual revenue guidance, Alphabet GOOGL.O and OpenAI revenue contributions, and gross margin trajectory given the steep ramp of its custom XPU chips, Goldman Sachs analysts led by James Schneider said in an investor note
"We believe expectations are elevated heading into
the quarter, and investors are positioned positively given strong peer results and positive datapoints related to key XPU customers, most notably Google following its latest Gemini 3 launch," Schneider says
GS raised its PT to $435 from $380 and retained its "buy" rating
Among 49 analysts covering AVGO, avg rating is "BUY" and median PT is $400, up from $372.50 in Sept
AVGO is up 71.1% YTD vs NASDAQ Composite Index's .IXIC 20.2% increase
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