Gate News message, April 16 — Broadcom (AVGO) stock extended its rally on Thursday, gaining 0.44% to close at $398.47, marking its eighth consecutive trading day of gains and the longest winning streak since December 2023. The stock has surged 28% in April and is now within striking distance of its all-time closing high of $412.97 set last December. If momentum continues, April would rank as the company’s third-best performing month since its 2009 IPO.
The semiconductor sector’s broader recovery has fueled Broadcom’s strength. Following a temporary market selloff after U.S. military action against Iran, investor sentiment has stabilized and capital is flowing back into chip stocks. The VanEck Semiconductor ETF has gained approximately 19% this month. Bank of America raised its 2026 forecast for non-memory semiconductor market growth to 25%, up from its prior estimate of 22%, citing sustained expansion in artificial intelligence and data center demand as core growth drivers.
Broadcom’s own business progress has also supported the stock’s advance. The company recently disclosed expanded partnerships with Alphabet’s Google, Meta Platforms, and AI startup Anthropic, strengthening its position in AI compute infrastructure. UBS upgraded its medium-term earnings outlook and now projects Broadcom will ship approximately 7 million TPU (tensor processing unit) accelerators by 2027, up from its previous forecast of 6 million. The firm maintained a “buy” rating with a $475 price target.
Wall Street remains highly bullish on Broadcom. Among 54 analysts covering the stock, 51 have assigned “buy” or equivalent ratings, reflecting strong confidence in its long-term growth prospects.
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