Movement Alert｜Broadcom Rises 3.17% in Pre-Market Trading, Arete Raises Target Price to $530 Amid Chip Sector Strength

Market Focus07-21 20:07

On July 21, Broadcom rose 3.17% in pre-market trading, trading at $390.03 USD/share, with turnover of $33.21 million.

On the news front, Arete raised its price target on Broadcom from $488 to $530 while maintaining a Buy rating. Earlier, BNP Paribas also lifted its target from $640 to $675, maintaining an Outperform rating. The current analyst consensus target price stands at $527.73, implying significant upside from current levels. Morgan Stanley has also recently reaffirmed its Overweight rating with a $502 target, defining Broadcom as the core AI winner second only to NVIDIA.

Additionally, SK Hynix Chairman stated that AI semiconductor demand next year is expected to grow 60% to 100% year-over-year, while major manufacturers have virtually no substantial capacity expansion plans, suggesting the supply-demand gap will widen further. This outlook lifted the broader chip sector, with Micron Technology up 6.05%, SK Hynix up 6.12%, Intel up 5.82%, AMD up 4.13%, and NVIDIA up 1.29%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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