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Broadcom Stock Soars as Analysts Grow More Bullish on Chipmaker’s AI Potential [Video]

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Broadcom (AVGO) shares rocketed higher Friday, a day after the company’s fiscal fourth-quarter results topped expectations, leading several analysts to raise their price targets.

The chipmaker’s artificial intelligence (AI) pipeline “remains strong,” Citi analysts said Friday, after Broadcom announced a pair of new AI customers on its earnings call. Broadcom didn’t name the customers, according to a transcript of the call from AlphaSense, but Citi speculated they could be Apple (AAPL) and ChatGPT-maker OpenAI. Apple is reportedly working with Broadcom to develop its own AI chips, according to reporting by The Information

Citi reiterated a “buy” rating for the stock and raised its price target to $220 from $205. Shares of Broadcom jumped nearly 20% to $215.92 in early trading Friday, pushing its market capitalization above the $1 trillion level.

Broadcom reported its AI sales more than tripled to $12.2 billion in fiscal 2024, and Bank of America analysts suggested …

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