As shown on the chart, Broadcom Inc. (AVGO) shares soared by more than 8% in Friday’s trading session.

The bullish momentum is driven by strong quarterly results released last week and an optimistic outlook highlighting sustained demand in the artificial intelligence sector:

→ Earnings per share: $1.60 (Analyst forecast: $1.49)

→ Revenue: $14.92 billion (Expected: $14.61 billion), reflecting a 25% increase from $11.96 billion a year earlier.

Technical Analysis of AVGO Stock

The chart indicates that the market remains in an uptrend, with signs that the price has found support at:

→ The lower boundary of the channel.

→ The former resistance zone around $183 – which also aligns with the lower boundary of the price gap that formed in December 2024, as we previously noted.

This suggests that after forming a Bullish Flag pattern (marked in red), the upward trend may continue.

Broadcom (AVGO) Stock Price Forecast

Bank of America analyst Vivek Arya called the results from Broadcom a “reassuring update from an AI leader” and a “positive read-across for AI sentiment.”

According to TipRanks:

→ The average price target for AVGO shares is $248.

→ 27 out of 30 analysts recommend buying AVGO stock.

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