Up 55% So Far This Year, Is It Too Late to Buy Broadcom Stock?
It may not quite be Nvidia, but top chip designer and infrastructure software provider Broadcom (NASDAQ: AVGO) has been on an epic run of its own. Broadcom stock is up just over 60% so far in 2024 -- upstaged just a little by Nvidia's more than 170% increase. What a year when being up "only" 60% doesn't set any best-of records!
In tandem with its last earnings update, Broadcom also announced a 10-for-1 stock split that will occur in July 2024. Stock price aside (a split doesn't change the fundamental value of shares), Broadcom has put together a unique business that may have lots more to give its shareholders over the next few years. Here's why it may not be too late to buy, but also reasons to be cautiously optimistic.
Broadcom, under the guidance of CEO Hock Tan, has built itself into a giant via many acquisitions. As the company Avago (headquartered in Singapore), Tan orchestrated the purchase of Broadcom in 2016 (Avago subsequently took the name of the acquired), and a couple of years later redomiciled the corporate headquarters to the U.S.
Source Fool.com
Broadcom Ltd. Stock
The stock is an absolute favorite of our community with 83 Buy predictions and no Sell predictions.
As a result the target price of 1750 € shows a slightly positive potential of 11.38% compared to the current price of 1571.2 € for Broadcom Ltd..
