Bearish
Broadcom's stock drops 4.61% amid Google's expanded partnership with Marvell
Broadcom Inc. (AVGO) experienced a 4.61% decline in stock price following Alphabet Inc.'s decision to extend its custom chip partnership with Marvell Technology Inc. (MRVL). This development led to a market capitalization loss of approximately $87 billion for Broadcom. Despite this setback, TD Cowen analyst Joshua Buchalter maintains a 'Buy' rating with a $500 price target, citing strong growth in AI semiconductor revenue.
Key points
- Broadcom's stock declines 4.61% after Google's expanded partnership with Marvell.
- TD Cowen analyst reiterates 'Buy' rating for Broadcom, citing strong AI revenue growth.
Sources
AI-generated from public news sources. Not financial advice.
