Broadcom Inc. (NASDAQ:AVGO) reported upbeat earnings for its fourth quarter and increased its quarterly dividend by 14% to $5.25.
Broadcom reported quarterly earnings of $11.06 per share, exceeding analyst expectations of $10.98, a 5.84% increase over earnings of $10.45 per share from last year. The company reported quarterly sales of $9.29 billion, missing the Street’s estimate of $9.41 billion, according to Benzinga Pro.
The company also said it sees full-year 2024 revenue of approximately $50 billion.
Broadcom shares fell 0.3% to close at $919.28 on Friday.
These analysts made changes to their price targets on Broadcom following earnings announcement.
- Rosenblatt raised the price target on Broadcom from $1,000 to $1,160. Rosenblatt analyst Hans Mosesmann maintained a Buy rating.
- TD Cowen increased the price target on Broadcom from $900 to $1,000. TD Cowen analyst Matthew Ramsay maintained a Market Perform rating.
- Summit Insights Group analyst Kinngai Chan upgraded Broadcom from Hold to Buy.
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