Credit Suisse: Raises Broadcom (AVGO.O) target price to US$620, maintains outperform rating

$Broadcom (AVGO.US)$ Before the announcement of Broadcom (AVGO.O) quarterly results, Credit Suisse analyst John Pitzer raised the target price of Broadcom from US$580 to US$620 and maintained an outperform rating on the stock. The analyst expects higher-than-expected results in the fourth quarter and the first quarter of fiscal year 2022, reflecting that continued strong demand has been offset by lingering supply constraints and active customer inventory management. Although recently reported that Apple (AAPL.O) supply demand has been cut, Pitzer's verification shows that the seasonal adjustment is not as severe as under normal circumstances. Pitzer does not expect Broadcom to provide guidance for the 2022 fiscal year, but expects the company to continue to be optimistic about its prospects.

Article excerpted from the US Stock Research Agency