Broadcom Inc. (NASDAQ:AVGO) is one of the Trending AI Stocks on Wall Street. One of the biggest analyst calls on August 28 was for Broadcom. Oppenheimer reiterated the stock as “Outperform” stating that it’s sticking with Broadcom ahead of earnings on September 4.
The analyst stated that Broadcom is the “no. 2 AI franchise” after Nvidia due to its leadership in the AI ASIC, or Application-Specific Integrated Circuit, market.
The analysts noted how growth continues to be led by AI compute/networking franchises for Broadcom, and that the company is the top maker of custom AI ASICs with seven announced projects led by Google, Meta, and ByteDance USA.
“Reiterate Outperform with new $325 target (prior $305).”
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The firm also said that it remains “long-term buyers,” for the stock and that its core businesses in networking, wireless, broadband, server and storage, and software all support “sustainable growth and cash return.”
Broadcom is a technology company uniquely positioned in the AI revolution owing to its custom chip offerings and networking assets.
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