Broadcom dips in AI selloff; BofA raises PT
** Shares of Broadcom Inc AVGO.O down 2.5%, dipping along with other AI-related names and failing to get a lift from an increased PT from BofA Global Research
** In a client note, BofA analysts raise AVGO PT to $2,150 from $2,000, vs current price of $1,612
** BofA analysts view AVGO as transforming to a growth stock from a value stock, lifted by AI and the co's recent VMware acquisition
** "AVGO's diverse growth drivers, highly regarded management team, and unique track-record of capital appreciation, dividend growth and above mkt. div yield can justify a premium multiple" - BofA analysts
** AVGO's drop is modest compared to declines in some other AI names. Nvidia NVDA.O falls ~6% and Super Micro Computer SMCI.O drops ~9%
** Optimism about AI-related demand has fueled a 44% gain in AVGO so far in 2024
Reporting by Noel Randewich
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