BUZZ-Broadcom rises on upbeat first-quarter revenue forecast

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BUZZ-Broadcom rises on upbeat first-quarter revenue forecast

Reuters12-13

BUZZ-Broadcom rises on upbeat first-quarter revenue forecast

** Shares of chipmaker Broadcom AVGO.O rise 14.5% to $206.8 premarket

** Co forecast first-quarter revenue of about $14.6 bln, compared with analysts' ests. of $14.57 bln - LSEG

** AVGO posted fourth-quarter revenue growth of 50% to $14.05 bln, compared with analysts' ests. of $14.09 bln

** On an adjusted basis, co earned $1.42 per share in Q4 compared with ests. of $1.38 per share

** "Broadcom's strong performance doesn't come as a surprise. It's one of several companies benefiting from AI invigorating the global semiconductor industry, with its AI revenue growing 220% this year," said eMarketer analyst Jacob Bourne

** At least 16 brokerages raised their price targets on the stock, pushing the median view to $210

** Up to last close, stock had risen 61.9% YTD

(Reporting by Kritika Lamba in Bengaluru)

((Kritika.Lamba@thomsonreuters.com))

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