Broadcom (NASDAQ:AVGO) is making waves following TD Cowen’s decision to boost its price target for the semiconductor giant’s shares.

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

In addition to this development, the TD Cowen analysts have upgraded AVGO stock from a “market perform” status to an “outperform” rating – a significant shift considering the consensus “moderate buy” rating based on 21 opinions.

The Raging Bull Thesis on AVGO Stock

TD Cowen’s analysts were effusive about Broadcom in a client note obtained by Seeking Alpha.

“Despite this recent run, TD Cowen is confident in sustainability and diversity of growth and potential upside to consensus’s forward estimates driven by AI compute/networking and software growth/margins.”

At present, AVGO stock is up 8% this Thursday morning, with more than 2.7 million shares exchanging hands – nearing the company’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.

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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.com’s Publishing Guidelines.

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