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Strong Buy Stocks from Top Wall Street Analysts
Latest stocks with a Strong Buy rating from the top performing 25% of analysts tracked by WallStreetZen

Analyst / FirmCompanyPriceRatingPrice TargetUpside/DownsideDate
Christopher Danely
Citigroup
Top 5%
96
Broadcom IncAVGO
$1,735.04Strong Buy$1,750.00+0.86%
a day ago
Analyst Ranking
Top 5%
#204 out of 4603 analysts
Average Return
+20.01%
Win Rate
64%54 out of 85
Risk vs Reward
Poor
Good

Analyst Color

Citigroup's Christopher Danely raised their price target on Broadcom (NASDAQ: AVGO) by 12.2% from $1,560 to $1,750 on 2024/06/14. The analyst maintained their Strong Buy rating on the stock.

Broadcom delivered a better-than-expected quarter, Danely summed up following an assessment of the company's 2024/06/12-dated Q2 2024 earnings report.

AI and synergies from the VMware acquisition will propel continued upside to consensus projections, the analyst predicted.

Earnings Report

For Q2 2024, Broadcom reported:

  • EPS of $10.96, which beat the Zacks Consensus Estimate of $10.79 and, by 6.2%, Q2 2023’s $10.32.
  • Revenue of $12.49B, which beat the Zacks Consensus Estimate by 3.71% and, by 43%, Q2 2023’s $8.73B.
  • EBITDA of $7.43B, up 30.7% Y/Y.

For FY 2024, management guided:

  • Revenue of $51B.
  • EBITDA of $31.1B.

President & CEO Hock Tan commented: "Broadcom's Q2 results were once again driven by AI demand and VMware. 

“Revenue from our AI products was a record $3.1B during the quarter. 

“Infrastructure software revenue accelerated as more enterprises adopted the VMware software stack to build their own private clouds.

"We are raising our FY 2024 guidance for consolidated revenue to $51B and adjusted EBITDA to 61% of revenue." 

CFO Kirsten Spears added, "Consolidated revenue grew 43% Y/Y to $12.5B, including the contribution from VMware, and was up 12% Y/Y, excluding VMware. 

“Adjusted EBITDA increased 31% Y/Y to $7.4B.

"Free cash flow, excluding restructuring and integration in the quarter, was $5.3B, up 18% Y/Y.

“Today we are announcing a 10:1 forward stock split of Broadcom's common stock, to make ownership of Broadcom stock more accessible to investors and employees."

Philippe Houchois
Jefferies
Top 19%
82
Tesla IncTSLA
$800.00Strong Buy$850.00+6.25%
2 days ago

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