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Broadcom Inc. (AVGO) Exceeds Market Returns: Some Facts to Consider

In the latest trading session, Broadcom Inc. (AVGO) closed at $1,414.03, marking a +1.34% move from the previous day. The stock outperformed the S&P 500, which registered a daily gain of 0.09%. Meanwhile, the Dow lost 0.49%, and the Nasdaq, a tech-heavy index, added 0.65%.

Shares of the chipmaker have appreciated by 15.82% over the course of the past month, outperforming the Computer and Technology sector's gain of 7.36% and the S&P 500's gain of 5.78%.

The upcoming earnings release of Broadcom Inc. will be of great interest to investors. The company's earnings report is expected on June 12, 2024. It is anticipated that the company will report an EPS of $10.79, marking a 4.55% rise compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $12.04 billion, up 37.88% from the prior-year quarter.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $47.07 per share and a revenue of $50.54 billion, representing changes of +11.41% and +41.09%, respectively, from the prior year.

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It's also important for investors to be aware of any recent modifications to analyst estimates for Broadcom Inc. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.5% upward. Broadcom Inc. presently features a Zacks Rank of #3 (Hold).

Investors should also note Broadcom Inc.'s current valuation metrics, including its Forward P/E ratio of 29.64. This denotes a discount relative to the industry's average Forward P/E of 39.38.

We can additionally observe that AVGO currently boasts a PEG ratio of 2.17. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Electronics - Semiconductors industry had an average PEG ratio of 2.81 as trading concluded yesterday.

The Electronics - Semiconductors industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 193, finds itself in the bottom 24% echelons of all 250+ industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.

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Broadcom Inc. (AVGO) : Free Stock Analysis Report

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