's (NASDAQ: AVGO) stock price has doubled over the last 12 months, but Barclays thinks it still has more growth potential and it reinstated coverage with a $1,405 price target, or 13.5% above Tuesday's closing price.

The networking infrastructure provider is benefiting tremendously from the strong demand for artificial intelligence (AI) solutions in servers. Revenue growth accelerated to 34% year over year last quarter following the acquisition of VMware, but it's just getting started.

The shift to AI-enabled servers requires a lot of components to handle the massive data workloads. Nvidia has led the chip hardware market over the last year, but servers also need to upgrade networking infrastructure. Broadcom's networking revenue, which makes up over a quarter of the business, grew 46% year over year last quarter.

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Source Fool.com