Broadcom Inc. (AVGO) Stock Surges Over 8%
As shown on the chart, Broadcom Inc. (AVGO) shares soared by more than 8% in Fridays trading session.
The bullish momentum is driven by strong quarterly results released last week and an optimistic outlook highlighting sustained demand in the artificial intelligence sector:
Earnings per share: $1.60 (Analyst forecast: $1.49)
Revenue: $14.92 billion (Expected: $14.61 billion), reflecting a 25% increase from $11.96 billion a year earlier.
Technical Analysis of AVGO Stock
The chart indicates that the market remains in an uptrend, with signs that the price has found support at:
The lower boundary of the channel.
The former resistance zone around $183 which also aligns with the lower boundary of the price gap that formed in December 2024, as we previously noted.
This suggests that after forming a Bullish Flag pattern (marked in red), the upward trend may continue.
Broadcom (AVGO) Stock Price Forecast
Bank of America analyst Vivek Arya called the results from Broadcom a reassuring update from an AI leader and a positive read-across for AI sentiment.
According to TipRanks:
The average price target for AVGO shares is $248.
27 out of 30 analysts recommend buying AVGO stock.
Read more: https://fxopen.com/blog/en/oa-broadcom-inc-avgo-stock-surges-over-8/
Text source: Forex Trading Blog
