Selected stock price target news of the day - December 11th, 2023

By: Matthew Otto

Broadcom’s Q3 Performance Fuels Analyst Outlook

Broadcom reported earnings and revenue that not only surpassed last year’s metrics but also outperformed Wall Street expectations, as indicated by 23 out of 31 surveyed analysts recommending the stock as a Buy. Benchmark analyst Cody Acree, buoyed by the earnings report, raised his price target for Broadcom to $1,106, highlighting the company’s leverage into the AI market.

Analysts are particularly bullish on Broadcom’s strategic moves, with Summit Insight Group’s Kinngai Chan upgrading shares to Buy, citing confidence in upcoming product cycles that could propel the company beyond financial expectations in the latter half of 2024. With the acquisition of VMware in the pipeline, Broadcom anticipates a contribution to its top line in fiscal 2024, projecting total revenue expectations of $50 billion—a 40% surge from the fiscal year 2023. This outlook, coupled with the company’s successful history of acquisitions, positions Broadcom as a player in the semiconductor market, offering both diversification and long-term growth stability, according to KeyBanc Capital Markets analyst John Vinh.

Analysts Unanimously Bullish as Price Targets Soar

Truist Securities analyst William Stein maintained a Buy rating and increased the price target from $995 to $1,015.
TD Cowen analyst Matthew Ramsay reiterated a Market Perform rating and raised the price target from $900 to $1,000.
Summit Insights Group’s Kinngai Chan upgraded from Hold to Buy.
Benchmark analyst Cody Acree raised the price target from $950 to $1,106.
KeyBanc Capital Markets analyst John Vinh maintained an Overweight rating and a $1,200 price target.

Which Analyst has the best track record to show on AVGO?

Analyst Christopher Rolland (SUSQUEHANNA) currently has the highest performing score on AVGO with 21/23 (91.3%) price target fulfillment ratio. His price targets carry an average of $153.41 (16.21%) potential upside. Broadcom stock price reaches these price targets on average within 235 days.

Occidental Petroleum’s $12 Billion Acquisition of CrownRock

Occidental Petroleum has set the stage for an expansion with its announcement of a $12 billion acquisition of CrownRock. The acquisition is expected to contribute 170,000 barrels of oil per day to Occidental’s production portfolio. The company anticipated a generation of $1 billion in the first year post-acquisition. This projection is based on a reference price of $70 per barrel for WTI crude oil, reflecting the company’s forward-looking financial strategy. In order to finance this deal, Occidental plans to acquire $9.1 billion in new debt, issue approximately $1.7 billion in common equity, and take on CrownRock’s existing $1.2 billion debt.

Divergent Analyst Views on Occidental Petroleum

Morgan Stanley analyst Devin McDermott upgraded from Equal-Weight to Overweight rating and announced a new price target of $68.
JP Morgan analyst John Royall maintained a Neutral rating and lowered the price target from $78 to $73..

Which Analyst has the best track record to show on OXY?

Analyst Biju Perincheril (SUSQUEHANNA) currently has the highest performing score on OXY with 11/15 (73.33%) price target fulfillment ratio. His price targets carry an average of $11.5 (17.29%) potential upside. Occidental Petroleum price reaches these price targets on average within 80 days.

CRISPR Therapeutics’ Gene-Editing Triumph in Sickle Cell Disease

CRISPR Therapeutics, in collaboration with Vertex Pharmaceuticals, has achieved a groundbreaking milestone with the U.S. Food and Drug Administration’s approval of their gene-editing treatment, Casgevy, for sickle cell disease. This therapy, priced at $2.2 million per patient, utilizes CRISPR technology, a decade after the initial discovery of the gene-editing tool. Sickle cell disease, affecting an estimated 100,000 Americans, causes debilitating pain crises due to misshapen red blood cells. In clinical trials, Casgevy demonstrated its potential by eliminating pain crises in most patients, offering hope to the 16,000 individuals with severe cases who may now be eligible for treatment.

Mixed Analyst Ratings with Varied Price Targets

Barclays analyst Gena Wang maintained an Equal-Weight rating and increased the price target from $56 to $61.
TD Cowen analyst Tyler Van Buren downgraded from Market Perform to Underperform and set a $30 price target.
JMP Securities analyst Silvan Tuerkcan reiterated a Market Outperform rating and raised the price target from $74 to $80.
Needham analyst Gil Blum maintained a Buy rating and raised the price target from $85 to $88.

Which Analyst has the best track record to show on CRSP?

Analyst Yigal Nochomovitz (CITI) currently has the highest performing score on CRSP with 10/15 (66.67%) price target fulfillment ratio. His price targets carry an average of $22.91 (48.65%) potential upside. CRISPR Therapeutics stock price reaches these price targets on average within 184 days.