Broadcom Limited (AVGO) PT Raised to $540 at KeyBanc Despite Signs of Double Ordering

KeyBanc analyst, Weston Twigg, raised the price target on Broadcom Limited (NASDAQ: AVGO) to $540.00 (from $470.00) while maintaining a Overweight rating after the company reported F1Q revenue of $6.66B, slightly above our consensus of $6.62B. F1Q EPS of $6.61 was also above the consensus of $6.55. F2Q revenue guidance of $6.50B, higher than our prior and the consensus estimates of $6.31B and
$6.33B, respectively. F2Q EBITDA guidance of $3.84B, implies EPS of $6.44, again, also above consensus of $6.29.

The analyst stated "robust demand in a tight supply environment is providing AVGO with good visibility (as lead times stretch) in semiconductors, as mgmt noted that it is 90% booked (non-cancelable) for FY21. Despite signs of double ordering, mgmt is managing customer booking and believes backlog is reflective of end demand".

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