Broadcom (AVGO) Stock Gains Institutional Favor as ARK Invest and Goldman Sachs Show Confidence
Broadcom shares surged 49% over the past year, drawing bullish sentiment from prominent investors. Jim Cramer endorsed the chipmaker over Salesforce during a CNBC appearance, citing CEO Hock Tan's leadership as a key differentiator. "I’d rather own Broadcom, which is Hock Tan, potential winner," Cramer remarked, framing the current market shift as hardware outpacing software.
Goldman Sachs amplified the Optimism by adding Broadcom to its US Conviction List on January 5, maintaining a $450 price target. Cathie Wood’s ARK Invest capitalized on a 3.2% dip to acquire 31,573 shares worth $10.5 million on January 8, with the stock rebounding 3.7% the following day. Institutional activity underscores Broadcom’s momentum as Tan cements his reputation among tech’s top executives.
