Broadcom Stock in Freefall After Guidance Disappoints
AVGOBroadcom(AVGO) Schaeffers Investment Research·2024-09-06 22:19

Semiconductor stock Broadcom Inc (NASDAQ:AVGO) is down 9.1% to trade at 138.97,afterthecompanyreportedworsethanexpectedrevenueguidanceforitsfiscalfourthquarter,overshadowingtopandbottomlinebeatsforthethirdquarter.Inresponsetotheresults,MorganStanleyraiseditspricetargetto138.97, after the company reported worse-than-expected revenue guidance for its fiscal fourth quarter, overshadowing top- and bottom-line beats for the third quarter.In response to the results, Morgan Stanley raised its price target to 180 from 176,whileTruistSecuritiesadjustedlowerto176, while Truist Securities adjusted lower to 204 from 204.50.Comingintotoday,the12monthaveragetargetpriceof204.50. Coming into today, the 12-month average target price of 194.64 was a 35.7% premium to last night's close, while 29 covering b ...