Piper Sandler Bumps Up Broadcom Price Target by 10.3%

Piper Sandler Bumps Up Broadcom Price Target by 10.3%
A sign to the campus offices of chip maker Broadcom Ltd. in Irvine, Calif., on Nov. 6, 2017. (Mike Blake/Reuters)

Piper Sandler analyst Harsh Kumar raised the price target on Broadcom Inc. to $750 from $680 and reiterated an Overweight.

The price target implies a 12.7 percent upside to December 31, 2021 closing price.

Kumar changed his overall posture about the semiconductor industry in 2022.

Kumar feels the new year will be a stock picker’s market with specific areas that will continue to win and others that will not perform well.

For 2022, Kumar favors “larger, more profitable, cash-generating names that have a clear growth path ahead of them based on end-markets.”

Kumar sees cloud, enterprise, 5G infrastructure, electric vehicles, and connectivity as the primary focus areas.

The analyst is cautious on the automotive end-market more broadly and PCs.

By Anusuya Lahiri
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