2024-06-14 06:30:48 ET
Summary
- Broadcom beat Q2 earnings and top-line estimates easily, with a post-earnings share price rally of 12%.
- The semiconductor company benefits from investor interest in its artificial intelligence products, such as custom AI chips.
- Broadcom announced a 10-for-1 stock split to make shares more affordable.
- Despite significant top-line momentum and a Q/Q revenue acceleration, shares of Broadcom appear expensive relative to other chipmakers with stronger EPS projects.
- Shares of AVGO are currently heavily overbought, based off RSI, as well.
Broadcom ( AVGO ) delivered better than expected earnings results for the second fiscal quarter on Wednesday that helped to make quite an impression: the firm saw double-digit top-line momentum, beat earnings and top-line estimates by wide margins, due to strong demand for the company’s AI products, and Broadcom announced a 10-for-1 stock split which is set to make shares more appealing to investors....
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Broadcom: Beware The FOMO Rally