Citigroup: Strong momentum in AI business growth reiterates "buy" rating on Broadcom (AVGO.US)

The Citigroup research report raised Broadcom (AVGO.US) target price from $276 to $285, while reiterating a "buy" rating. The adjustment was based on Broadcom's latest second-quarter financial report - despite mixed overall performance (analysts point out that profit margin pressure is the main reason), revenue from artificial intelligence (AI) related businesses continued to show strong growth.