Broadcom has been anointed as the next big semiconductor play on the growth of artificial intelligence after Nvidia. That’s setting a high bar for the stock but Wall Street analysts are confident in its AI prospects.
Broadcom might be suffering under comparisons with Nvidia’s blowout earnings raising expectations. However, Broadcom’s AI-related revenue is expected to rise to more than $7 billion next fiscal year from around $3.8 billion this year. That pace of growth is enough for analysts to get behind the stock.
KeyBanc’s John Vinh raised his price target on the stock to $1,000 from $940. The new target is based on a price-to-earnings multiple of 19 times projected fiscal 2024 earnings, partly based on the expected closing of its VMware acquisition.
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