1. $Broadcom(AVGO)$ daily analysis shows upward momentum.
$Broadcom(AVGO)$ stock gains after news that China's regulator of potential antitrust issues is on track to approve Broadcom's acquisition of $VMware(VMW)$ .
Broadcom is on track to acquire VMWare for about $61 billion, and it seems possible that the deal will close this month or next. VMWare stock (+4.22%)closed at their highest level in 3 years at $178.71.
Broadcom Inc, the world's sixth-largest semiconductor company, has diversified into several software businesses and has annual revenues of more than $30 billion. The company sells 17 core semiconductor product lines in wireless, networking, broadband, storage and industrial applications.
2.What May Drive $Broadcom(AVGO)$ ‘s Price Higher？
Earnings: The company’s third-quarter revenue was $8.88 billion, up from $8.46 billion a year earlier. Earnings were $10.54 per share in the July quarter, compared with $9.73 per share a year earlier. Unadjusted net income in Q3 was $3.30 billion, or $7.74 per share, compared with $3.07 billion, or $7.15 per share, in the Q3 of 2022
Guidance for the fourth quarter of the fiscal year.
Business: Approval of the $60 billion purchase will significantly boost shares of chipmaker $Broadcom(AVGO)$ , CNBC’s Jim Cramer said, citing the company’s artificial intelligence efforts as another bonus. Because it will allow the company to integrate the leading virtualization solutions provider into its business and leverage synergies between its existing hardware and software units.
Dividend: $Broadcom(AVGO)$ last ex-dividend date was on Sep 20, 2023. Broadcom distributed $4.6 per share that represents a 2.18% dividend yield.
Target Price: Based on 18 Wall Street analysts offering 12 month price targets for Broadcom in the last 3 months. The average price target is $984.94 with a high forecast of $1,050.00 and a low forecast of $900.00. The average price target represents a 8.76% change from the last price of $905.60.
3. Other Discussions on $Broadcom(AVGO)$
According to GuruFocus Research, the company's current market capitalization is $366.80 billion and its share price is $888.63 per share, well above the GF value of $667.44.
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4. Question for Tigers
How do you like the $Broadcom(AVGO)$ ?
What’s your target?
Any other stocks are shaping the same pattern?
Comments
🌟🌟🌟It's exciting times for $Broadcom(AVGO)$ as it is about to receive approval from the Chinese authorities for its purchase of $VMware(VMW)$ . I like Broadcom but its share price is rather high. I prefer to invest in $VanEck Vectors Semiconductor ETF(SMH)$ which represents 25 of the world 's best semiconductor stocks. It not only includes Broadcom, it also has $NVIDIA Corp(NVDA)$
With the current escalation of hostilities in the Middle East, the markets have turned bearish. So it is a great time to bargain hunt Broadcom or the other semiconductor stocks and even easier just buy SMH ETF.
@Trend_Radar