Broadcom Limited (AVGO) PT Raised to $600 at Mizuho Securities

Mizuho Securities analyst Vijay Rakesh raised the price target on Broadcom Limited (NASDAQ: AVGO) to $600.00 (from $545.00) while maintaining a Buy rating following the Software Day in New York.

The analyst commented, "Key takeaways AVGO noted: 1) Growing volume of software deals have increased 15% over the last 4-quarters, 2) the length of contracts have increased ~50% to 2.3 years, 3) 50% (and growing) of software is now on a subscription model, and 4) Software GMs/OMs have improved to 91%/70% over trailing 4-quarters.

With $13B+ FCF/yr, Enterprise/iPhone ramp, and software M&A or a significant dividend increase/share buyback likely ahead, investors are wondering "What's next?" We reiterate our Buy rating and raise our PT to $600 (from $545)."

You May Also Be Interested In

• Walker & Dunlop (WD) PT Lowered to $55 at Citizens Amid Interest Rate Headwinds
• Berenberg Downgrades Segro PLC (SGRO:LN) (SEGXF) to Hold
• BNP Paribas Exane Downgrades Lanxess AG (LXS:GR) (LNXSF) to Underperform