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Shares of semiconductor manufacturer Broadcom Inc. (NASDAQ:AVGO) have been in a correction since hitting record highs in late June after starting to rise in early 2023. The stock has been favored by CNBC Mad Money host Jim Cramer.
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What Happened: Stephanie Link, chief investment strategist and portfolio manager at Hightower Advisors, bought Broadcom shares, Cramer said in a post on X on Monday. Rather than Link’s announcement about her Broadcom purchase, what caught the attention of social media users was a comment about Cramer’s attitude toward the stock, which she said is “a stock that I really like.”
Some social media users pointed out and mocked Cramer for the negative sentiment he has towards the stock: “The stock has risen almost $30 (21%) in the 5 days since the drop, nearing all-time highs, and Jim is standing by it…” one of his followers said.
Is Broadcom Living Up to Expectations? Once a company that barely registered, Broadcom is now making waves with its forays into artificial intelligence. The company is currently the 11th most valuable company in the world with a market capitalization of just over $766 billion. Incidentally, it is the most valuable technology company outside of the Magnificent Seven (excluding Tesla and TSMC).
The semiconductor and infrastructure software products maker recently reported third-quarter results that beat market expectations by a wide margin, driven by strong AI revenue and solid performance from its VMware business. The San Jose, California-based company also raised its fourth-quarter and full-year AI revenue guidance. While the results met most of the requirements, the somewhat weaker fourth-quarter guidance caused the stock price to fall by just over 10% immediately after the earnings release.
Since then, the company’s shares have risen about 20% from their post-earnings lows and are back on the rise.
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However, the company’s stock is trading at a reasonable forward price-to-earnings ratio of 26.81 compared to Nvidia Corp. (NASDAQ:NVDA) stock.
Incidentally, Representative Nancy Pelosi (Democrat, California), who is known for her investments, purchased 20 Broadcom call options on June 24. The exercise price is $800 and the maturity date is June 20, 2025. The purchase was made after the company released its second-quarter results on June 12 and announced a 10-for-1 stock split. The shares began trading at the split-adjusted price on July 15. The exercise price of Representative Pelosi’s call options is now $80, reflecting the split.
According to TipRanks, the average analyst price target for Broadcom is $198.66, implying an upside of more than 21% from current levels for the 12-month price target.
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The article “Jim Cramer Says He ‘A lot’ Likes This Stock in Nancy Pelosi’s Portfolio: This AI Stock is More Fairly Valued Than High-Growth Nvidia” originally appeared on Benzinga.com.
