Investors spent the first half of the year driving up shares of companies thought to factor into the artificial-intelligence revolution, but now they’re starting to show more exacting standards.
Rakers added that “AI visibility remains somewhat limited past 2024 and the company is shipping to meet demand,” while reiterating an equal-weight rating on the stock but boosting his price target to $900 from $800.Evercore ISI’s Matthew Prisco also highlighted that Broadcom’s near-term upside was “not quite as robust as hoped.”
TD Cowen’s Matthew Ramsay said there were “sky-high expectations” for Broadcom, meaning that Wall Street was “perhaps disappointed on [the] relatively small magnitude of upside.” Broadcom is the design partner for Alphabet Inc.’s GOOGL, +0.21% GOOG, +0.31% Tensor Processing Unit , Ramsay noted, and he thinks the Google TPU will stay a near-term growth driver given interest in training large language models.
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