Broadcom ticks up after Barclays boosts PT to $700
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Broadcom (NASDAQ:AVGO) shares ticked up on Wednesday afternoon after Barclays raised its price target on the chipmaker to $700, implying approximately 13% upside from current levels.
Analyst Blayne Curtis raised his price target to $700, up from $650.
The price target boost is based on the stock trading at 19 times an estimated 2023 earnings of $37.53 per share, compared to 20 times the estimated $32.31 it's expected to earn this year.
At last check, Broadcom (AVGO) shares were up fractionally to $623.27, and have gained more than 38% over the past year.
Last month, it was reported that Broadcom's (AVGO) Chief Operating Officer Charlie Kawwas, sold almost $1.3 million worth of his company stock.
The sale announcement came days after it was reported that Apple (NASDAQ:AAPL) is looking to develop wireless chips in-house and eventually replace those made by Broadcom (AVGO) and Skyworks Solutions (NASDAQ:SWKS).