- 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.
Latest Ratings for AVGO
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Jan 2022 | Barclays | Maintains | Overweight | |
| Dec 2021 | Citigroup | Maintains | Buy | |
| Dec 2021 | Barclays | Maintains | Overweight |
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