Truist raises Broadcom price target to $942 from $890

Truist Securities raised its Broadcom Inc.
AVGO,
+0.05%
price target to $942 from $890 Friday, citing demand for the chip maker’s products from Google
GOOG,
+4.36%

GOOGL,
+4.72%.
“A key industry contact noted, ‘the only semis requesting meaningful upsides right now are NVDA and AVGO’,” wrote Truist Securities analyst William Stein, in a note. “We understand that the incremental demand is specifically related to the TPU ASIC that AVGO developed for Google.” Stein added that this “fits the AI narrative that has built so much excitement around NVDA, AVGO, and others.” Shares of Broadcom were down 0.5% in premarket trades Friday after ending Thursday’s session up 0.1%. Nvidia Corp.’s
NVDA,
+4.73%
stock rose 1.4% in premarket trades, after ending Thursday’s session up 4.7%.