BUZZ-Broadcom gains on strong Micron results, TD Cowen upgrade on AI bet
Reuters · 03/21 10:01
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** Broadcom shares AVGO.O up 2.51% at $1,308 premarket
** Fellow chipmaker Micron's MU.O strong Q3 rev view boosts stock, while TD Cowen upgrade to "outperform" also helps
** TD also hikes PT to $1,500 from $1,400, following Broadcom's "Enabling AI Infrastructure" event in San Jose
** Says Broadcom could potentially gain from both custom silicon and back-end AI as well as higher rev and gains from -closed VMWare acquisition
** Late Weds, Micron posted a surprise Q2 profit and gave a strong Q3 rev forecast on surge in AI adoption
** AVGO up 14.3% YTD as of Weds close, and MU is up 12.8%
(Priyadarshini Basu in Bengaluru)
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