Three separate Wall Street firms raised their price targets on AVGO in quick succession on Wednesday. Rosenblatt set the highest bar at $600, up from $500. BMO Capital moved to $575 from $455. Cantor Fitzgerald matched Rosenblatt at $600. All three kept Buy ratings. Broadcom carries a $1.75 trillion market cap and short sellers have minimal exposure at just 1.2% of free float.
The catalyst is Broadcom's AI chip momentum. The company has emerged as a top beneficiary of custom silicon demand from hyperscalers. Three coordinated target hikes in a single session is rare and signals rising analyst confidence ahead of the next earnings update.
On the other side of the ledger, Rothschild & Co downgraded MRNA to Sell from Hold. The new target is $81, well above the $40 prior target — but the direction of travel is bearish. Short interest in Moderna already sits at 13.5% of free float. That elevated short position suggests the market has been skeptical of the mRNA maker's post-pandemic growth story for some time.
California utilities also drew downgrades. PCG was cut by the consensus, with the average target falling to $19.91 from $20.59. SRE and both saw target price reductions from the analyst community. Wildfire liability concerns continue to weigh on the sector.
ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
