Here's Why Broadcom Stock Is Soaring This Week
(NASDAQ: AVGO) stock has been riding the tech wave higher all year. But shares broke out this week after the company released fiscal 2024 second-quarter results. The stock has surged this week by about 20% as of Thursday afternoon trading, according to data provided by S&P Global Market Intelligence.
That has led to a more than 50% gain in Broadcom stock so far this year. Shareholders can thank both the artificial intelligence (AI) boom as well as Broadcom's nearly $70 billion acquisition of VMware that closed late last year.
Even prior to Broadcom's earnings announcement, the stock had pushed more than 6% higher this week. That's because investors are beginning to grasp just how broad spending has become for AI-related products.
Source Fool.com
Broadcom Ltd. Stock
With 82 Buy predictions and not a single Sell prediction Broadcom Ltd. is an absolute favorite of our community.
With a target price of 396 € there is a slightly positive potential of 17.66% for Broadcom Ltd. compared to the current price of 336.55 €.
