- The shares of Broadcom Inc (NASDAQ: AVGO) have received a $625 price target from BofA. These are the details.
The shares of Broadcom Inc (NASDAQ: AVGO) have received a $625 price target from BofA. And BofA analyst Vivek Arya is maintaining a “Buy” rating on the shares.
Arya adjusted the rating while noting that semiconductor downturns happen every 3 to 4 years and we could be “due for another one.” And Arya cited a tighter global monetary policy, geopolitical turmoil, and consumer weakness as being likely to pressure chip demand in the second half of this year and through next year.
But the unit weakness could be cushioned by a richer non-consumer mix, robust pricing, expanding content, and constrained supply. Going forward, cut the 2022 semiconductor sales forecast to $608 billion and the 2023 forecast to $604 billion.
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