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Bank of America calls this chip stock its top AI pick

Pelican Press · 2024-07-16T13:42:35+0000

This is the hidden content, please Sign In or Sign Up Bank of America calls this chip stock its top AI pick Bank of America thinks Broadcom can continue to cash in on the artificial intelligence *****, with the company showing “no signs of slowing down.” Analyst Vivek Arya reiterated a buy rating on the chipmaker in a Monday note and maintained a $215 per share price target. BofA’s forecast implies more than 25% upside from Monday’s $171.42 close. Broadcom stock has advanced nearly 54% in 2024, as the company emerged as one of the key beneficiaries of the rise of AI outside of Nvidia . The strong demand it’s seeing was evident in its better-than-expected second-quarter results . A 10-for-1 stock split it recently announced took effect on Monday. AVGO YTD mountain Broadcom stock. Arya said Broadcom is BofA’s top AI pick thanks to the company’s “multiple vectors of growth.” Following a conversation with Broadcom CEO Hock Tan, Arya said he expects AI to grow into a $30 billion to $50 billion opportunity over the next three to five years. The market, which should contribute $11 billion in sales in fiscal 2024, will encompass networking, interconnects and accelerator segments, he said. Tan described Broadcom’s customers as being split between public cloud vendors and consumer-facing AI platforms like Meta and This is the hidden content, please Sign In or Sign Up -parent Alphabet. The mix of this customer base will help stoke and maintain future demand, Arya noted. “AVGO sees these large consumer AI customers to continue investing and reach 1mn+ xPU [excluding processing unit] clusters over the next 3-5 years (from 100k this year), with no signs of demand slowing during this *******,” the analyst said. Further, the analyst said Broadcom is the “best and most consistent generator of cash at 45-50%+ of sales.” The company’s management plans to use half of its free cash flow to pay dividends, with the rest going to pay down debt. This is the hidden content, please Sign In or Sign Up #Bank #America #calls #chip #stock #top #pick This is the hidden content, please Sign In or Sign Up This is the hidden content, please Sign In or Sign Up

By Pelican Press,
July 16, 2024 in World News

https://hopzone.eu/forums/topic/67890-bank-of-america-calls-this-chip-stock-its-top-ai-pick/

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Posted July 16, 2024

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Bank of America calls this chip stock its top AI pick

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-parent Alphabet. The mix of this customer base will help stoke and maintain future demand, Arya noted. “AVGO sees these large consumer AI customers to continue investing and reach 1mn+ xPU [excluding processing unit] clusters over the next 3-5 years (from 100k this year), with no signs of demand slowing during this *******,” the analyst said. Further, the analyst said Broadcom is the “best and most consistent generator of cash at 45-50%+ of sales.” The company’s management plans to use half of its free cash flow to pay dividends, with the rest going to pay down debt.

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