The Nasdaq Ended February at a Record High. Here's 1 Semiconductor Stock on which Wall Street Keeps Raising Its Price Targets. Hint: It's Not Nvidia or AMD.
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The Nasdaq Composite and S&P 500 have reached record levels in 2024, driven by the narrative surrounding artificial intelligence (AI). Broadcom, a networking solutions company specializing in carrier networks and data centers, has seen a 34% YoY increase in revenue for Q1 2024, with $2.3 billion attributed to AI-driven sales. Management now expects 35% of semiconductor revenue to come from AI, totaling $10 billion this year. Despite a P/S multiple of 15.2, analysts from Benchmark, J.P. Morgan, Rosenblatt Securities, and Citigroup see upside in Broadcom's stock, with price targets ranging from 10% to 25% above its current trading levels. Broadcom is considered a suitable option for investors looking to bolster their allocation in chip stocks or AI opportunities.

#Nasdaq #S&p500 #ArtificialIntelligence #SemiconductorStocks #Broadcom

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