Broadcom (AVGO) Stock Rises as HSBC Upgrades Rating to Buy

5 days ago

In pre-market trading, Broadcom's (AVGO, Financial) stock surged by 2.5% following an upgrade from HSBC, which changed its rating on the semiconductor company from "hold" to "buy." HSBC expressed optimism about Broadcom's prospects in the application-specific integrated circuit (ASIC) sector. The financial institution highlighted that with enhanced visibility in ASIC projects and pricing power in average selling prices (ASP), Broadcom's ASIC revenue is expected to surpass market expectations significantly.

Additionally, HSBC raised its price target for Broadcom from $240 to $400, suggesting a potential upside of up to 58% from the stock's closing price of $253.77.

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