Well-Known Investor Is Bullish on Broadcom (AVGO) Stock
Joe Terranova, who frequently appears on CNBC, confirmed on the network recently that he has a Buy rating on Broadcom (AVGO) stock.
Terranova is a Senior Managing Director and the Chief Market Strategist for Virtus Investment Partners.
A technician working at a magnified microscope, developing a new integrated circuit.
Why Terranova Is Bullish on AVGO
AVGO's acquisition of VMware has turned out to be "an excellent" move after there was "maybe some skepticism" on the Street about it, Terranova said.
Further, the investor believes that AVGO "might surprise (its) shareholders by accelerating (its share) buyback program," he stated. Some on the Street believe that AVGO will refrain from making the latter move because it wants to preserve its capital for acquisitions, Terranova explained.
Finally, the investor is bullish on the tech giant's processors and its networks.
The Recent Price Action of AVGO Stock
In the last month, the shares have jumped 24%, while they have climbed 12.5% in the last three months.
While we acknowledge the potential of AVGO as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than AVGO and that has 100x upside potential, check out our report about this cheapest AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey.
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