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AVGO Stock Forecast: Road to the Top

July 12, 2023

This AVGO Stock Forecast article was written by Meiru Zhong – Financial Analyst at I Know First.

Summary

Broadcom Inc.’s revenue growth is back in double-digit mode with revenue at $33.2 billion and net margin at 35% in FY2022. The trend continued in Q2 2023 with quarterly revenue at $8.8 billion, up 8% from the previous year.
Third quarter revenue is expected to be around $8.85 billion, an increase of 5% from the prior year, and adjusted EBITDA remains about 65% of projected revenue.
A quarterly cash dividend of $4.60 per share will be paid on June 30, 2023 and $3,420 million will be spent on share buybacks and eliminations.
Broadcom has acquired VMware and deal will be closed in FY 2023. The merger will give Broadcom a balanced product portfolio and scale growth.
DCF estimates AVGO stock will grow to $965, a 12% upside potential for the year 2023.

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