Broadcom Inc. (AVGO) closed the most recent trading day at $641.54, moving +1.23% from the previous trading session.
After suffering painful declines in 2022, many tech stocks surged higher beginning late last year and into the first quarter of 2023. The company first became known as a business-to-business chip provider, collaborating with large clients to meet their needs. In 2018, it also began to diversify into enterprise software, and its proposed acquisition to buy VMware for $61 billion would dramatically enlarge that segment.
The average brokerage recommendation (ABR) for Broadcom Inc. (AVGO) is equivalent to a Buy. The overly optimistic recommendations of Wall Street analysts make the effectiveness of this highly sought-after metric questionable. So, is it worth buying the stock?