Institutional Buying Seen As Progressive Adds Broadcom Inc. (AVGO) Shares

Broadcom Inc. (NASDAQ:AVGO) is among the most profitable semiconductor stocks to buy. As reported on November 7, Progressive Investment Management Corp, a long-established investment management firm managed by Carsten Henningsen, increased its position in Broadcom Inc. (NASDAQ:AVGO) through the purchase of 40,677 shares.

Earlier on November 4, Jefferies named Broadcom Inc. (NASDAQ:AVGO) as its ‘Top Pick,’ after removing Nvidia. Given the continuously rising demand for AI chips across hyperscalers, the research firm believes that the company is “at an inflection point.” As stated by analysts led by Blayne Curtis,

“We return to AVGO as our top pick as we see the larger upside to estimates as ASICs hit an inflection point.”AVGO Stock: A Strong Buy Pick Backed by Robust Cash Flow and Dividend Growth

By 2027, the firm predicts Broadcom Inc. (NASDAQ:AVGO) will generate $10 billion in AI-related revenue. Jefferies further highlighted that the company has the potential to scale its AI revenue to between $40 billion and $50 billion from 2028 onward. The analysts concluded by raising the semiconductor giant’s price target to $480 from $415 and labeled it a ‘Franchise Pick.’

Broadcom Inc. (NASDAQ:AVGO), founded in 1961, provides semiconductor devices and infrastructure software worldwide through its Semiconductor Solutions and Infrastructure Software segments.

While we acknowledge the potential of AVGO as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None.

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