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Wall Street sets Broadcom stock price for next 12 months

Wall Street sets Broadcom stock price for next 12 months

Having risen approximately 100%, the software infrastructure and semiconductor giant Broadcom (NASDAQ: AVGO) was one of the biggest stock market winners in 2023. 

Additionally, despite suffering a brief downturn at the start of January, AVGO stock price has regained momentum since and has been mostly trading upward in 2024, as investors remained optimistic about Broadcom’s continued involvement with and integration of artificial intelligence (AI) capabilities into its already extensive portfolio.

Broadcom looking to sell remote access business for $4 billion

Having expanded significantly in recent years, and in light of the ever-increasing competition in the sector from other major firms, including Nvidia (NASDAQ: NVDA) and Amazon (NASDAQ: AMZN) through its Amazon Web Services (AWS), Broadcom is now seeking to downsize and streamline its diverse offering.

The technology blue chip is in talks with KKR (NYSE: KKR), a private equity firm, to sell the part of its business that enables users to remotely access desktops and other devices for $4 billion, 

The agreement comes at the tail of Broadcom’s $61 billion acquisition of a cloud software company – VMware – completed in November 2023.

Broadcom  stock forecast

The developments in recent months – Broadcom’s significant stock market rise, its acquisition of VMware and the pursuit to further take part in the AI boom, and the selling of some of its business to KKR – have all seemingly left analysts generally bullish on AVGO stock.

The technology giant’s shares are, overall, considered a strong buy, per the information retrieved from the stock analysis platform TipRanks, with 19 out of the 21 experts taken into account rating it as a “buy” and 2 being neutral. Broadcom stock price today has no “sell” rating on the platform by press time

The average 12-month price target for AVGO shares, however, indicates that analysts believe that, at approximately $1,300, Broadcom’s stock has reached its plateau. Overall, Wall Street expects the semiconductor giant’s shares to find themselves at $1,222 in a year’s time – 6.84% below their press time prices.

AVGO analyst rating. Source: TipRanks

Still, some believe there is more room for AVGO share prices to grow, with JPMorgan (NYSE: JPM) forecasting a continued surge of 19.56% toward $1,500. 

Finally, it is noteworthy that even the analysts who forecast significant downsides to $1,000 or $1,050 have maintained their “buy” ratings for Broadcom’s stock, hinting they foresee a temporary correction rather than a crash.

AVGO price chart

While it can’t be said for certain what the coming 12 months have in store for AVGO stock, nor how investors and traders will react to the sale of its remote access business, the last 12 months have been exceptionally good for Broadcom.

The latest 52 weeks saw AVGO shares surge 121.43%, and despite the early January decline, the technology giant is 19.44% in the green, year-to-date (YTD)

AVGO YTD stock price chart.

Broadcom continued its strong 2024 performance in the latest 5 full trading days but opened Monday’s market 0.65% in the red at $1,296.37.

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