Broadcom: Bullish Momentum Builds As Q4 Earnings, Apple Partnership Take Center Stage

Surbhi Jain

December 12, 2024

Broadcom Inc (NASDAQ:AVGO) will be reporting its fourth-quarter earnings on Thursday. Wall Street expects $1.38 in EPS and $14.10 billion in revenues as the company reports after market hours.

The stock is up 70.85% over the past year, 20.28% over the past six months.

Apple Partnership Builds Bullish Momentum

Apple Inc. (NASDAQ:AAPL) is reportedly partnering with Broadcom to develop its first AI-focused server chip, code-named Baltra, expected to enter mass production by 2026.

According to The Information, Apple plans to leverage Taiwan Semiconductor Manufacturing Co.’s (NYSE:TSM) advanced N3P process for production. This move aligns with a broader trend among tech giants, including Alphabet Inc‘s (NASDAQ:GOOGL) (NASDAQ:GOOG) Google, Amazon.com Inc (NASDAQ:AMZN), Microsoft Corp (NASDAQ:MSFT), and Meta Platforms Inc (NASDAQ:META), to design proprietary AI chips, reducing reliance on third-party suppliers like Nvidia Corp (NASDAQ:NVDA).

This partnership highlights Broadcom's growing role in the AI ecosystem as it prepares to report its fourth-quarter earnings. Let’s look at what the charts indicate for Broadcom stock and how the stock currently maps against Wall Street estimates.

Read Also: How To Earn $500 A Month From Broadcom Stock Ahead Of Q4 Earnings

Broadcom Stock Strongly Bullish Ahead Of Q4 Earnings

Broadcom stock exhibits a strongly bullish trend, with its share price of $183.20 consistently trading above the five-, 20- and 50-day exponential moving averages, signaling sustained buying pressure.

Chart created using Benzinga Pro

Broadcom stock is technically bullish, supported by multiple bullish signals across key moving averages: the eight-day SMA at $175.08, the 20-day SMA at $168.81, the 50-day SMA at $173.84 and the 200-day SMA at $154.41.

Additionally, the Moving Average Convergence Divergence (MACD) indicator stands at 1.62, reinforcing the bullish outlook. With a Relative Strength Index (RSI) of 56.28, AVGO stock remains comfortably within bullish territory, indicating further potential for upward momentum.

Broadcom Analysts See 18.5% Upside

Ratings & Consensus Estimates: The consensus analyst rating on Broadcom stock stands at a Buy currently with a price target of $1,047.81. The latest analyst ratings from Rosenblatt, Citigroup and UBS imply an 18.46% upside for Broadcom stock with an average price target of $215.

AVGO Price Action: Broadcom stock is down 1.78% at $179.93 on Thursday at publication.

Read Next:

Broadcom’s AI Edge: ‘Apples-to-Oranges Comparison’ Shows ASICs Outgrowing GPUs, Says Analyst

Photo: Shutterstock

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