Key Takeaways
- Broadcom shares are on pace to hit another record closing price this week.
- The chipmaker is slated to report quarterly earnings after the closing bell Thursday.
- Broadcom’s share price has surged nearly 30% over the past month.
Shares of Broadcom (AVGO) are trending toward an all-time high closing price for the fourth day in a row as the chipmaker prepares to report quarterly results after the bell.
The stock has climbed each of the past seven trading sessions and hit a record intraday high of $265.43 Wednesday before closing at about $261. Shares traded near $263 mid-Thursday. Broadcom shares have gained nearly 30% in the past month, buoyed by an AI trade revived by Nvidia’s (NVDA) strong results last week.
As to whether the rally will continue after Broadcom’s quarterly results, options pricing suggests investors expect the stock to move about 6.4% in either direction Friday. A move of that magnitude would either lift shares to another record high around $277 or sink them to $244, about where they were a week ago.
Broadcom’s recent rally has brought its share price above the analyst consensus price target of about $252 from analysts tracked by Visible Alpha. Of 14 total brokers, 13 have a “buy” or equivalent rating for Broadcom stock, with one “hold.”
The surge comes as earlier this week Broadcom began shipping its Tomahawk 6 series of advanced data center switches, which the company said are equipped with double the bandwidth of any Ethernet switch on the market.
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