20 Trending AI Stocks on Latest News and Analyst Ratings

Page 11 of 18

8. Broadcom Inc. (NASDAQ:AVGO)

Number of Hedge Fund Holders: 130

Broadcom Inc. (NASDAQ:AVGO) supplies semiconductor infrastructure software solutions. The company recently announced earnings results for the third fiscal quarter, and Wall Street analysts were quick to outline their views on the report. Benchmark noted in an investor note that the earnings report of Broadcom was being looked to as some sort of savior of the AI momentum trade following a week of incredibly poor performance in the stock price of NVIDIA and most AI related names. However, the advisory underlined that Broadcom delivered only a tepid beat for the July quarter and provided guidance that was just shy of the consensus estimates.

Per Benchmark, Broadcom Inc. (NASDAQ:AVGO) delivered an earnings report that was solid, without any material soft points, and its AI business lacked the clear upside momentum the Street was looking for. However, the advisory recommended investors take advantage of the near-term share price volatility with Broadcom remaining a key vehicle for participation in the industry’s AI adoption. Benchmark has a Buy rating and $210 price target on the shares.

Page 11 of 18