Benzinga | Jan 26, 2022 05:51AM EST

Piper Sandler Sees Sharp Upside In This Chipmaker

* Piper Sandler analyst Harsh Kumar reiterated an Overweight rating on Broadcom Inc (NASDAQ:AVGO) with a $750 price target after hosting management for an investor meeting. The price target implies an upside of 40.4%.

* The analyst is "feeling increasingly confident" about trends in 2022, given the recent acceleration in hyper-scale and cloud orders, the visibility provided by lead times, and the continued momentum in enterprise and telco spending.

* He likes the Broadcom share setup and says investors should consider the company as a core holding in the current environment.

* Price Action: AVGO shares closed lower by 1.37% at $534.14 on Tuesday.