Why Broadcom Stock Dipped Into the red Today
An analyst downgraded his recommendation on the chipmaker's equity.
Overview
An analyst's recommendation downgrade didn't do any favors for Broadcom (NASDAQ: AVGO) stock on Tuesday. That, plus the latest news of a company developing a proprietary artificial intelligence (AI) chip, pushed Broadcom's equity down by almost 1% that trading session.
The downgrading party was Austrian bank Erste Group. That morning, its analyst Hans Engel moved his Broadcom recommendation down one peg to hold from buy. It was unclear what price target the pundit set.
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Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.