Broadcom ( NASDAQ:AVGO )
On Wednesday, semiconductor stocks in the S&P 500 were led higher by Broadcom ( NASDAQ:AVGO ), as the sector, along with the larger market, anticipated the most recent interest rate decision and forecast from the Federal Reserve .
Fundamentals for the semiconductor business “essentially held in better than predicted,” according to a research note published on Wednesday by Deutsche Bank analyst Ross Seymore. This statement was based on that sales for firms (excluding memory) were up 14% in 2022. Because of the likelihood of “further fundamental degradation,” the recent surge in semiconductor stock prices was “premature,” given that a revenue decline is anticipated for the following year. Additionally, it is anticipated that there would be “continued fundamental deterioration.”
Seymore went on to say that the companies Marvell Technology (MRVL) and Qualcomm ( NASDAQ:QCOM ), together with Broadcom (AVGO), and Maxlinear, are the ones that Deutsche Bank is most excited about for the next year (MXL).
Broadcom stock, located in San Jose, California, had its share price increase by over 2% to $581.69 during the middle of the trading day. At the same time, rivals Qualcomm (QCOM) and Intel ( NASDAQ:INTC ) saw their share prices increase by between 0.5% and 1.5%.
On the other hand, shares of Advanced Micro Dev...
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