Chip Stock Looks Towards Record Highs After Bull Note

The stock is fighting back towards its record highs

Deputy Editor
Mar 21, 2024 at 9:17 AM
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Shares of Broadcom Inc (NASDAQ:AVGO) are 2.9% higher at $1,313 before the bell, after TD Cowen upgraded the semiconductor maker to "outperform" from "market perform" and lifted its price target to $1,500 from $1,400. In its bull note, the analyst said the artificial intelligence (AI) business has the potential to provide even more tailwinds.

There's been a lot of hype surrounding chipmakers and their respective equities, especially AI-darling Nvidia (NVDA), which just announced a new generation of AI chips. AVGO hasn't been left out of the conversation, boasting a 14.3% year-to-date gain. Hoping for its fourth-straight daily win, Broadcom stock is looking to reclaim its March 4 all-time high of $1,438.17. 

Analysts and options traders are both overwhelmingly bullish. Of the 26 covering brokerages, 22 rate AVGO a "strong buy." Meanwhile, over at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Broadcom stock's 50-day call/put volume ratio of 2.15 stands higher than all other readings in its annual range.

Options are affordably priced too, per the stock's Schaeffer's Volatility Index (SVI) of 31% that stands higher than 15% of annual readings. This implies options traders are pricing in low volatility expectations. 

 

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