Broadcom Earnings Report: Analysts Increase Price Targets
Broadcom Inc. Set for Earnings Announcement
Broadcom Inc. AVGO stands in the spotlight today as anticipation builds for its third-quarter earnings announcement, which is expected to be released after the market closes.
Analysts' Earnings Projections
Forecasts from analysts suggest that Broadcom will report earnings per share (EPS) of $1.65 along with revenues amounting to approximately $15.83 billion. This is noteworthy as the company previously offered guidance of around $15.8 billion in expected revenue.
Previous Quarter Performance
In the previous quarter, Broadcom exceeded expectations by reporting earnings of $1.58 per share, surpassing analyst predictions of $1.56. Furthermore, the company disclosed revenues of $15 billion, slightly above the consensus estimate of $14.99 billion. This trend of exceeding expectations has become a signature of Broadcom’s recent financial performance.
Analyst Upgrades
In light of the impending earnings report, several analysts have adjusted their price targets for Broadcom. This includes:
- Piper Sandler's Harsh Kumar has maintained an Overweight rating on Broadcom and elevated the price target from $300 to $315.
- Timothy Arcuri of UBS also retained a Buy rating, increasing the price target from $290 to $345.
- Rick Schafer at Oppenheimer continued to endorse an Outperform rating, raising the target from $305 to $325.
- Morgan Stanley's Joseph Moore kept an Overweight rating and lifted the target from $338 to $357.
Broadcom's Price Target Range
The consensus price target for Broadcom currently stands at $345.71. Among the various targets set by analysts, the lowest is priced at $190, while the highest speculative target is remarkably set at $1950.
Current Stock Performance
As of the latest trading update, Broadcom Inc.'s stock is showing positive performance, trading up by 0.85% at $304.95. This uptick reflects the market's positive sentiment in anticipation of the earnings report.
Frequently Asked Questions
What are analysts predicting for Broadcom's earnings?
Analysts are forecasting earnings of $1.65 per share and revenues of approximately $15.83 billion for the upcoming quarter.
How did Broadcom perform in the previous quarter?
Last quarter, Broadcom reported an EPS of $1.58, exceeding the consensus estimate by two cents and revenue of $15.00 billion, surpassing analyst expectations.
What changes have analysts made to Broadcom's stock recommendations?
Multiple analysts have raised their price targets for Broadcom, showing increased confidence in the company's upcoming performance.
What is Broadcom's current stock price?
Broadcom's stock is currently trading around $304.95, indicating a positive trend in its market performance.
What is the range of price targets set by analysts for Broadcom?
The consensus price target ranges from a low of $190 to a high of $1950, showcasing significant variation in analyst expectations.
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