Chart of Day: Broadcom (AVGO)
Just weeks ago, we said, “Keep an eye on Etsy (ETSY). After finding triple-bottom support dating back to November, ETSY is just starting to pivot higher again. It’s also starting to pivot from over-extensions on RSI, MACD and Williams’ %R. Also, after a significant number of analysts lowered their price targets on the stock, it appears most of the negativity has been priced in.”
At the time, ETSY traded at around $58.72.
Today, it’s up to $65.47 and could race higher.
Helping, the company is launching a major overhaul of the policies that govern its site to make it “crystal clear” to shoppers what products belong on Etsy, as noted by CNBC.
As for new trade ideas, check out Broadcom (AVGO).
Share just split 10:1, bringing its stock price down to $169.
While the split won’t impact the stock fundamentally, it is far more attractive to more investor at this lower price. As noted by Seeking Alpha, analysts at TD Cowen “added that there are ‘no signs’ of generative AI demand abating in the near term, pointing out that Broadcom recently raised its AI target for the full year.” The firm also has a $210 price target on the stock.
Analysts at Rosenblatt also noted that “Strength in AI-related infrastructure networking and the company’s application-specific integrated circuit business, along with improved synergies in enterprise software are encouraging.”
Ian Cooper is an experienced trader who uses a combination of technical, fundamental, and news analysis to help individual investors grow their wealth. Ian’s Premium Options Strategies