The chipmaker's strong semiconductor demand could aid the firm in becoming a trillion-dollar company, according to BofA.
Broadcom has a pathway to "join the trillionaires club," Bank of America said as it reiterated a buy rating on the chipmaker Thursday. The firm raised its price target to $2,000 per share from $1,680, a forecast that implies nearly 34% upside from Wednesday's $1,495.51 close. Broadcom's current market cap is roughly $693 billion. If it were to breach the $1 trillion mark, it would join the ranks of Microsoft, Apple, Nvidia, Alphabet, Amazon and Meta Platforms.
mountain Broadcom stock. The call follows strong second-quarter results that surpassed Wall Street estimates. Broadcom also announced a 10-for-1 stock split, which will take effect on July 15. On Thursday, Broadcom stock rallied more than 15% and touched a fresh 52-week high. Shares have gained about 34% year to date.
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