Broadcom Limited (AVGO) PT Lowered to $201 at Evercore ISI
Evercore ISI analyst Mark Lipacis lowered the price target on Broadcom Limited (NASDAQ: AVGO) to $201.00 (from $2,010.00) while maintaining a Outperform rating.
The analyst comments "AVGO announced a 10-to-1 stock split on June 12, 2024 effective after markets close on July 12, 2024. AVGO has commenced trading on split-adjusted basis on Monday, July 15th . We revise our PT for the stock split and arrive at $201. Our new PT of $201 assumes 27.5x our 2027 EPS base case of $9 discounted back 2 years at a 10% hurdle rate. The P/E of 27.5 is higher than the 10x-20x range over the past 15 years, but we believe warranted due to visibility provided by its position as an AI processor and networking chip provider."