Broadcom stock surges over 30% in three weeks, defying volatility, with positive long-term growth potential

From Nasdaq: 2024-10-01 09:58:00

Broadcom Inc. shares (NASDAQ: AVGO) have surged over 30% in the past three weeks, nearing June’s record high. Meanwhile, competitors like Micron Inc (NASDAQ: MU) are still struggling to recover from summer losses. Advanced Micro Devices Inc (NASDAQ: AMD) is also facing downward trends, making Broadcom’s consistent uptrend stand out.

Despite offering lower forward guidance in their recent earnings report, Broadcom’s stock continues to rise. Analysts are optimistic about the company’s long-term growth potential, with strong Q3 performance exceeding expectations. Jefferies and Bank of America reaffirm Buy ratings with price targets ranging from $205 to $240, highlighting future growth prospects.

Semiconductor stocks like Broadcom are gaining attention as investor focus sharpens post-AI bubble. With positive earnings results and bullish analyst forecasts, Broadcom’s stock shows strong potential for growth. The stock’s technical indicators, including a bullish MACD and RSI, support the ongoing uptrend, with potential for retesting June highs in the near future.



Read more at Nasdaq: Broadcom Defies Volatility: Why Wall Street Expects More Gains