Broadcom Inc. (AVGO) Stock Surges Over 8%
As shown on the chart, Broadcom Inc. (AVGO) shares soared by more than 8% in Friday’s trading session.
As shown on the chart, Broadcom Inc. (AVGO) shares soared by more than 8% in Friday’s trading session.
The bullish momentum is driven by strong quarterly results released last week and an optimistic outlook highlighting sustained demand in the artificial intelligence sector:
→ Earnings per share: $1.60 (Analyst forecast: $1.49)
→ Revenue: $14.92 billion (Expected: $14.61 billion), reflecting a 25% increase from $11.96 billion a year earlier.
Technical Analysis of AVGO Stock
The chart indicates that the market remains in an uptrend, with signs that the price has found support at:
→ The lower boundary of the channel.
→ The former resistance zone around $183 – which also aligns with the lower boundary of the price gap that formed in December 2024, as we previously noted.
This suggests that after forming a Bullish Flag pattern (marked in red), the upward trend may continue.
Broadcom (AVGO) Stock Price Forecast
Bank of America analyst Vivek Arya called the results from Broadcom a “reassuring update from an AI leader” and a “positive read-across for AI sentiment.”
According to TipRanks:
→ The average price target for AVGO shares is $248.
→ 27 out of 30 analysts recommend buying AVGO stock.