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HSBC Upgrades Broadcom on AI Chip Strength, Nearly Doubles Price Target
HSBC Upgrades Broadcom on AI Chip Strength, Nearly Doubles Price Target
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BTCCSquare news:
HSBC has turned bullish on Broadcom (AVGO), upgrading the stock to Buy and raising its price target from $240 to $400. Analyst Frank Lee cites the company's AI chip revenue potential as a key driver, noting Broadcom's dominance in custom silicon for hyperscalers. Shares ROSE 3.5% following the call.
The upgrade reflects Broadcom's strategic positioning in AI infrastructure, particularly through application-specific integrated circuits (ASICs) tailored for cloud providers. "Hyperscaler capex will drive ASIC growth," Lee wrote, emphasizing the company's role in enabling proprietary AI solutions rather than merely benefiting from the sector's expansion.
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