Broadcom Shares Are On The Move: What You Need To Know

Broadcom Inc. (NASDAQ:AVGO) shares are trading lower Monday amid a broader market sell-off driven by global economic concerns. Here’s what you need to know.

What To Know: The company is set to announce its third-quarter fiscal year 2024 financial results on Thursday, Sept. 5 2024, with an estimated EPS of $1.20 and an estimated revenue of $12.955 billion. Despite this, the company continues to draw significant attention from investors, particularly in the options market, where notable trades have been observed. Recently, financial giants have made conspicuous bullish moves on Broadcom, with a mix of bullish and bearish sentiment observed in options trading.

Market Sentiment: The options market shows mixed sentiment with a focus on Broadcom's price band between $80.0 and $180.0. Analysis of options trading history revealed 22 unusual trades, with 45% of traders showing bullish tendencies and 36% bearish.

Analyst Ratings: Analysts have recently issued ratings for Broadcom with a consensus target price of $1002. Notable ratings include:

• Rosenblatt: Buy, price target $240
• Cantor Fitzgerald: Overweight, price target $200
• Oppenheimer: Outperform, price target $200

What Else: The broader U.S. market is experiencing a significant sell-off due to mounting global economic concerns. Investors are reacting to negative sentiment, driven by fears of a potential economic slowdown and geopolitical tensions. This resulted in increased volatility and a sharp decline in major indices, thereby affecting Broadcom.

AVGO Price Action: Broadcom shares closed Monday down 1.21%, trading at $142.08 according to Benzinga Pro.

See Also:

• A Bear Market Is Not A Recession: How To Understand What’s Going On In The Markets Right Now

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