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Navigating the Bullish Seas: Broadcom (AVGO) Sets Sail with TD Cowen’s Price Target Boost

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AVGO Stock - TD Cowen Just Raised Its Price Target on Broadcom (AVGO) Stock

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Broadcom (NASDAQ:AVGO) is making waves following TD Cowenโ€™s decision to boost its price target for the semiconductor giantโ€™s shares.

This alteration finds TD Cowen lifting its price target for AVGO stock from $1,400 to an impressive $1,500 per share โ€“ marking a substantial 17.6% surge above its previous closing price and surpassing the analystsโ€™ predicted $1,230.18 per share.

In addition to this development, the TD Cowen analysts have upgraded AVGO stock from a โ€œmarket performโ€ status to an โ€œoutperformโ€ rating โ€“ a significant shift considering the consensus โ€œmoderate buyโ€ rating based on 21 opinions.

The Raging Bull Thesis on AVGO Stock

TD Cowenโ€™s analysts were effusive about Broadcom in a client note obtained by Seeking Alpha.

โ€œDespite this recent run, TD Cowen is confident in sustainability and diversity of growth and potential upside to consensusโ€™s forward estimates driven by AI compute/networking and software growth/margins.โ€

At present, AVGO stock is up 8% this Thursday morning, with more than 2.7 million shares exchanging hands โ€“ nearing the companyโ€™s daily average trading volume of approximately 2.9 million shares. Notably, the stock has surged by 27.4% since the beginning of the year.

Looking for the latest stock market narratives? Surely!

For more unfolding stock market stories, explore recent movements in Yield10 Bioscience (NASDAQ:YTEN) stock, Lufax Holding (NYSE:LU) stock, and Baozun (NASDAQ:BZUN) stock. Dive into all this and more in the links provided below!

Unrolling Thursdayโ€™s Stock Market Chronicles

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the procedures defined in InvestorPlace.comโ€™s Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2024/03/td-cowen-just-raised-its-price-target-on-broadcom-avgo-stock/.

ยฉ2024 InvestorPlace Media, LLC

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