#4 - Broadcom (NASDAQ:AVGO)
Broadcom Inc. (NASDAQ: AVGO) may be the company that analysts believe most closely resembles NVIDIA at this point in the chip cycle. The company’s product portfolio of networking solutions is critical as companies need to transmit the vast amount of data required for AI applications.
The company's acquisition of VMware in 2023 was a significant reason that its revenue skyrocketed 34% year-over-year. And with $11.6 billion in revenue in the first quarter, Broadcom is well on its way to hitting its target of $50 billion in consolidated revenue in 2024.
Another way that Broadcom is like NVIDIA is its current price, which is over $1,800 per share. That is fueling speculation that the company may issue a stock split of its own sometime in 2024. Even if the company doesn’t split its stock, investors can capture a dividend that has been growing for 10 years.
About Broadcom
Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.
Read More - Current Price
- $171.89
- Consensus Rating
- Buy
- Ratings Breakdown
- 25 Buy Ratings, 1 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $189.23 (10.1% Upside)
