- 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.
Get all your news in one place.
100’s of premium titles.
One app.
Start reading
One app.
Get all your news in one place.
100’s of premium titles. One news app.
Piper Sandler Remains Optimistic About Broadcom, Thanks To Apple
Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member?
Sign in here
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member?
Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member?
Sign in here
Our Picks