Broadcom (AVGO) Should Be Up A Lot, Says Jim Cramer

We recently published 12 Stocks on Jim Cramer’s Radar.  Broadcom Inc. (NASDAQ:AVGO) is one of the stocks on Jim Cramer’s radar.

Semiconductor designer Broadcom Inc. (NASDAQ:AVGO)’s shares are up by 47% over the past year and are down by 4.4% year-to-date. Wells Fargo was out with a strong note for the firm in mid-January. It upgraded the shares to Overweight from Equal Weight and raised the price target to $430. Some factors that played into Wells Fargo’s optimism for Broadcom Inc. (NASDAQ:AVGO) were the growth in the software infrastructure market and the AI semiconductor industry. More recently, Jefferies reiterated a Buy rating and a $500 share price target on Broadcom Inc. (NASDAQ:AVGO)’s shares. The financial firm noted that Google parent Alphabet’s capital expenditure guidance and Broadcom Inc. (NASDAQ:AVGO)’s strength in the custom-on-package were some factors that drove its optimism about the company. Cramer has also discussed the chip firm several times over the past couple of months. The CNBC TV host believes that Broadcom Inc. (NASDAQ:AVGO) CEO Hock Tan is one of the most competent executives in the industry. In this appearance, he discussed the firm after Google’s earnings call:

“No, oh they’re mentioned as the great partner, NVIDIA should be up a lot and so should Broadcom. I mean obviously we have a NDX that’s down, but Broadcom was up to 23, 25 last night, I would buy that.”

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READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.