Analysts made bold calls this week. Three separate firms raised price targets on AVGO on the same day — a rare show of force.
Rosenblatt led the charge. Analyst Sajal Dogra lifted his target to $600, up from $500. BMO Capital followed, raising to $575 from $455. Cantor Fitzgerald matched Rosenblatt at $600. All three kept Buy ratings. Broadcom's market cap now sits at $1.75 trillion. Short interest is just 1.2% of free float — shorts are firmly on the sidelines.
The opposite happened at MRNA. Rothschild & Co downgraded the vaccine maker to Sell. Analyst Simon Baker slashed his target to $40 from $81 — a 51% cut. Short interest already stands at 13.5% of free float. Shares have plenty of room to fall if he's right.
California utilities also took a hit. PCG was downgraded by consensus. The average target dropped to $19.91. EIX and SRE both saw target price cuts too. A sector-wide reassessment appears underway.
FDX bucked the trend. Analysts raised the delivery giant's consensus target to $356. The stock carries just two sell ratings against 20 holds.
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