Broadcom Mounts Strongest 2-Day Rally Since IPO: Leveraged ETF Nearly Doubles In 2 Sessions
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 16 2024
0mins
Should l Buy GOOG?
Source: Benzinga
Broadcom's Stock Surge: Broadcom Inc.'s stock price increased by 38% over two days, marking its strongest rally since going public in 2009, driven by a strong earnings report and positive analyst updates, propelling its market cap to $1.17 trillion.
Impact on ETFs and AI Developments: The surge also significantly boosted the Direxion Daily Broadcom Bull 2X Shares ETF by 84%, while Broadcom's advancements in AI chip development, including collaboration with Apple, have positioned it as a key player in the generative AI sector.
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Analyst Views on GOOG
Wall Street analysts forecast GOOG stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for GOOG is 336.08 USD with a low forecast of 255.00 USD and a high forecast of 400.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
15 Analyst Rating
14 Buy
1 Hold
0 Sell
Strong Buy
Current: 331.330
Low
255.00
Averages
336.08
High
400.00
Current: 331.330
Low
255.00
Averages
336.08
High
400.00
About GOOG
Alphabet Inc. is a holding company. The Company's segments include Google Services, Google Cloud, and Other Bets. The Google Services segment includes products and services such as ads, Android, Chrome, devices, Google Maps, Google Play, Search, and YouTube. The Google Cloud segment includes infrastructure and platform services, collaboration tools, and other services for enterprise customers. Its Other Bets segment is engaged in the sale of healthcare-related services and Internet services. Its Google Cloud provides enterprise-ready cloud services, including Google Cloud Platform and Google Workspace. Google Cloud Platform provides access to solutions such as artificial intelligence (AI) offerings, including its AI infrastructure, Vertex AI platform, and Gemini for Google Cloud; cybersecurity, and data and analytics. Google Workspace includes cloud-based communication and collaboration tools for enterprises, such as Calendar, Gmail, Docs, Drive, and Meet.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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