BUZZ-Broadcom hits record high after Citigroup resumes coverage with 'buy'
Reuters · 12/11/2023 17:33
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** Shares of U.S. chipmaker Broadcom AVGO.O rise 8.3% to a record high of $1,023.12
** Brokerage Citigroup resumes coverage of AVGO with a "buy" rating, and set a PT of $1,100, cites strength in core business and accretion from the VMware acquisition
** Brokerage expects sales from AI infrastructure to double from $4 bln in fiscal year 2023 to over $8 bln in fiscal year 2024
** Average rating of 29 analysts covering the stock is "buy," their median PT is $1,073 - LSEG data
** Up to last close, stock up 81% YTD
(Reporting by Jaspreet Singh in Bengaluru)
((Jaspreet.Singh@thomsonreuters.com ; https://twitter.com/i_jass))
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