After dropping from about $413 to a recent low of $322.48, Broadcom is finding support from analysts at Bernstein. The firm just reiterated an “outperform” rating on the stock, thanks to its AI dominance. The firm also has a price target of $475 a share.

Analysts at Cantor Fitzgerald also believe AVGO is “ripe for outperformance” this year.

“The AI trade has obviously been a key debate area lately, with the AI levered group pressured since early November as we entered a more risk-off environment with AI bubble fears at the forefront,” Cantor Fitzgerald said, as quoted by Seeking Alpha. “We continue to believe that these fears are overdone and shortsightedly missing the forest for the trees as we remain at the cusp of a massive AI- related demand inflection.”

Sincerely,

Ian Cooper