Broadcom (AVGO) reported artificial intelligence demand and innovation "are pushing forward" after fiscal Q1 results topped estimates by analysts, Truist Securities said Thursday in a report.
In Q1, AI "overwhelmed" weakness in traditional semiconductor markets that aren't not directly related to AI, Truist said.
Amid "robust" AI investments and innovation, Broadcom "highlighted four 'pre-customers' that we believe could accelerate sales" compound annual growth rate above 30%, Truist said. The firm boosted its calendar year 2026 earnings estimate to $8.49 a share from $8.26
Truist increased its price target on Broadcom stock to $267 from $260 and maintained its buy rating.
Broadcom shares rose 3.3% in recent Friday trading.
Price: 185.30, Change: +5.85, Percent Change: +3.26
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