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Markets · Investing · Business
Finance
Why Broadcom Stock Inched Higher on Friday
Analysts published bullish new takes on the current frenzy for AI build-outs.
Fresh research covering next-generation semiconductors proved to be a rising tide for the sector on Friday. Among the stocks benefiting was custom chip specialist Broadcom(NASDAQ: AVGO); it closed that trading session 1.2% higher, easily topping the 0.4% increase of the bellwether S&P 500 index.
That morning, BMO Capital Markets analyst Harsh Kumar launched coverage of selected semiconductor and quantum computing stocks. In his estimation, Broadcom is No. 2 in the former sector with an outperform (read: buy) recommendation and $455 per share price target. It's behind only ubiquitous artificial intelligence (AI) chipmaker Nvidia.
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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.
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