Institutional Buying Seen As Progressive Adds Broadcom Inc. …
Insider Monkey – Free Hedge Fund and Insider Trading Data (Rameen Kasana)Broadcom Inc. (NASDAQ:AVGO) is among the most profitable semiconductor stocks to buy. As reported on November 7, Progressive Investment Management Corp, a long-established investment management firm managed by Carsten Henningsen, increased its position in Broadcom Inc. (NASDAQ:AVGO) through the purchase of 40,677 shares.
Earlier on November 4, Jefferies named Broadcom Inc. (NASDAQ:AVGO) as its ‘Top Pick,’ after removing Nvidia. Given the continuously rising demand for AI chips across hyperscalers, the research firm believes that the company is “at an inflection point.” As stated by analysts led by Blayne Curtis,
“We return to AVGO as our top pick as we see the larger upside to estimates as ASICs hit an inflection point.”
By 2027, the firm predicts Broadcom Inc. (NASDAQ:AVGO) will generate $10 billion in AI-related revenue. Jefferies further highlighted that the company has the potential to scale its AI revenue to between $40 billion and $50 billion from 2028 onward. The analysts concluded by raising the semiconductor giant’s price target to $480 from $415 and labeled it a ‘Franchise Pick.’
Broadcom Inc. (NASDAQ:AVGO), founded in 1961, provides semiconductor devices and infrastructure software worldwide through its Semiconductor Solutions and Infrastructure Software segments.
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