Broadcom Limited (AVGO) PT Raised to $720 at Jefferies
Jefferies analyst Mark Lipacis raised the price target on Broadcom Limited (NASDAQ: AVGO) to $720.00 (from $590.00) while maintaining a Buy rating.
The analyst commented, "AVGO beat and raised on 17% YY growth in Semis and guided Jan-22Q Networking and Storage Revs up 30% YY. AVGO announced a share repurchase plan of $10bn through 2022 and raised its dividend 14%. We estimate it is returning greater than 100% of net income to shareholders in 2022. AVGO trades a 35% discount to SOX, has solid visibility, a 2.8% div yield and is entering a capital return cycle - we like the risk/reward and increase
our PT to $720."