Broadcom Inc. (NASDAQ:AVGO) is riding high on the wave of strong momentum in its AI semiconductor segment and VMware business.

The company reported an earnings and revenue beat for the third quarter on Thursday. Earnings per share of $1.24 beat estimates by 3.33%. Reported revenue at $13.07 billion delivered a 0.86% surprise on estimates. Despite the earnings beat, Broadcom shares have been trading lower since the report came out. The stock dipped as much as 9.4% in premarket trading on Friday.

With a bullish outlook, JPMorgan analyst Harlan Sur has raised Broadcom stock’s price target to $210 by December 2025, reflecting confidence in the company’s continued growth trajectory.

Broadcom’s AI Revenue Explosion, Strong Guidance

Broadcom’s AI semiconductor segment continues to deliver impressive numbers, posting 3%-4% quarter-over-quarter growth in the July quarter. There’s also potential to accelerate by 10% in the October quarter. Sur now projects AI revenues for FY24 to top $12 billion, a significant increase from the previous estimate of …

Full story available on Benzinga.com