Why Broadcom Stock Was a Winner on Wednesday
An analyst's recommendation upgrade put some lively zip in Broadcom's (NASDAQ: AVGO) stock price on Wednesday. On news of the move, investors eagerly snapped up shares of the hardware and software company, sending its stock price more than 2% higher. That was a steeper climb than the S&P 500's (SNPINDEX: ^GSPC) 0.7% increase on the day.Well before market open on Hump Day, Daiwa Securities' Louis Miscioscia moved Broadcom up one notch, from outperform to buy. He also changed his price target. Interestingly, this meant a reduction -- it's now $225 per share, against the former level of $275. Even at the reduced figure, Miscioscia is anticipating plenty of upsides for the stock -- $225 is nearly 31% higher than Broadcom's Wednesday closing price.Continue reading
An analyst's recommendation upgrade put some lively zip in Broadcom's (NASDAQ: AVGO) stock price on Wednesday. On news of the move, investors eagerly snapped up shares of the hardware and software company, sending its stock price more than 2% higher. That was a steeper climb than the S&P 500's (SNPINDEX: ^GSPC) 0.7% increase on the day.
Well before market open on Hump Day, Daiwa Securities' Louis Miscioscia moved Broadcom up one notch, from outperform to buy. He also changed his price target. Interestingly, this meant a reduction -- it's now $225 per share, against the former level of $275.
Even at the reduced figure, Miscioscia is anticipating plenty of upsides for the stock -- $225 is nearly 31% higher than Broadcom's Wednesday closing price.
