Is Broadcom (AVGO) Stock a Buy After the Chip Sell-Off?
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TLDR Broadcom (AVGO) closed at $328.75 on Friday, October 16, down 4.52% on heavy chip selling. Worries about AI spending, higher borrowing costs and rich valuations are weighing on the sector. Melius Research analyst Ben Reitzes keeps a $610 price target on the stock. Broadcom posted third-quarter revenue of $29.6 billion, up 86% from a year ago. Management forecast fourth-quarter revenue of about $34.8 billion. Broadcom (AVGO) ended Friday’s session at $328.75, down $15.58, or 4.52%. Investors kept trimming their AI exposure as semiconductor names took a beating. Broadcom Inc., AVGO About 30 million shares changed hands. That compares with a 30-session average of 24 million, so trading was busier than usual. It was a rough week for chips. The Nasdaq logged its steepest weekly loss since June.
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