Broadcom (AVGO) Stock Jumps After D.A. Davidson Upgrade and $63B Anthropic Financing

Broadcom (AVGO) stock closed Tuesday at $342.33, up $13.16 or 4%. An analyst upgrade and a giant financing deal did the lifting. D.A. Davidson upgraded the chipmaker to Buy from Neutral. Analyst Gil Luria raised his price target to $400 from $350. That target implies about 22% upside from Monday’s close. Luria says AVGO trades at 16 times 2027 earnings. In his view, the market is pricing in almost no chance that AI spending continues. He expects valuations to move back toward the mean. Luria also named Micron and Nvidia in his note. He said it is unlikely several chip companies do well while NVDA, MU and AVGO struggle. Anthropic filed its Form S-1 on Monday ahead of a planned Nasdaq listing under the ticker ANT.

Also reported by Barron's.

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