Broadcom (AVGO) Stock Weekly Chart
The company reported earnings per share of $5.55 and revenue of $5.79 billion, compared to analyst estimates of $5.23 and $5.83 billion. Management forecast 2019 revenue at $24.5 billion, above the consensus of $24.4 billion.
CEO Hock Tan explained that, “We were pleased that our broadband business has started to recover and that the semiconductor segment was actually up year-over-year in Q1, if you exclude the expected decline in wireless.”
In analyzing the market cycles for AVGO, we can see that the stock has begun a new rising phase for its current minor cycle. The stock has recovered to a recent high, with likely more gains ahead as it is still early in this cycle. Our target is around $305 before a correction later in the spring.
For more from Slim, or to learn about cycle analysis, check out the askSlim Market Week show every Friday on our YouTube channel.
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