Semiconductor giant Broadcom (NASDAQ: AVGO) experienced a dramatic drop-off since its last earnings report. Just days prior to the release, Broadcom traded at its all-time high near $480. However, the company failed to meet the extremely high expectations implied by its valuation, and shares tanked almost 20% in the following two days.
Amid this, one Wall Street firm coming to Broadcom’s defense is JPMorgan Chase & Co. The bank and its analyst, Harlan Sur, have a $580 price target on Broadcom. This is among the highest on Wall Street and far exceeds the MarketBeat consensus target near $493.
