Broadcom (AVGO) Target Jumped at Truist as AI Growth Story Stays Intact

Group 1 - Broadcom Inc. (NASDAQ:AVGO) has had its price target raised by Truist from $365 to $500, maintaining a Buy rating, citing a strong earnings performance and higher guidance [1] - The company's fiscal fourth quarter revenue reached a record $18.01 billion, representing a 28% increase year-over-year, with adjusted EPS climbing 37% to $1.95, surpassing Wall Street expectations [1][2] - Revenue associated with AI surged 74% year-over-year, marking the 11th consecutive quarter of accelerating growth, driven by high demand for AI-related products [2] Group 2 - CEO Hock Tan reported unprecedented demand for Broadcom's AI accelerators, AI switches, and other data center products, highlighting significant customer activity [2] - AI start-up Anthropic placed a substantial order of $11 billion, following a previous $10 billion order, indicating strong market interest in Broadcom's offerings [2]