Is Broadcom Stock Going to $2,150 in the Wake of Its 10-for-1 Stock Split Announcement? 1 Wall Street Analyst Thinks So

It's abundantly clear that the advent of generative AI early last year has had a pronounced effect on technology, and one of the clear beneficiaries is (NASDAQ: AVGO). The company supplies semiconductors and other data center equipment that helps form the backbone of AI. The stock has been on fire, and has nearly doubled since this time last year, leading to a much-ballyhooed stock split.

The company's strong results and the excitement generated by AI have Wall Street updating the company's prospects, resulting in a surge of higher price targets. One analyst's opinion should be of keen interest to Broadcom shareholders.

Bank of America analyst Vivek Arya maintained a buy rating on Broadcom stock and raised his price target to a Street-high $2,150. That represents potential gains for investors of 35% over the coming year compared to its closing price on Monday, even though the stock has nearly doubled over the past year. Broadcom's better-than-expected second-quarter financial results and resulting 10-for-1 stock split provide strong evidence that the company is morphing from a value stock into a growth stock.

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Source Fool.com