Broadcom Ltd Receives a Rating Update from a Top Analyst

In a report released today, Vijay Rakesh from Mizuho Securities reiterated a Buy rating on Broadcom Ltd (NASDAQ: AVGO), with a price target of $310. The company’s shares closed yesterday at $263.89.

According to TipRanks.com, Rakesh is a top 100 analyst with an average return of 25.9% and a 70.3% success rate. Rakesh covers the Consumer Goods sector, focusing on stocks such as Advanced Micro Devices, NXP Semiconductors, and Skyworks Solutions.

Currently, the analyst consensus on Broadcom Ltd is Strong Buy and the average price target is $313.50, representing a 18.8% upside.

In a report issued on November 29, Canaccord Genuity also reiterated a Buy rating on the stock with a $313 price target.

Based on Broadcom Ltd’s latest earnings report for the quarter ending July 31, the company posted quarterly revenue of $4.46 billion and quarterly net profit of $481 million. In comparison, last year the company earned revenue of $4.14 billion and had a GAAP net loss of $632 million.

Based on the recent corporate insider activity of 8 insiders, corporate insider sentiment is negative on the stock.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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