TECHNICAL ANALYSIS

We believe AVGO may trend higher after breaking out from a bullish flag pattern a few sessions ago. Additionally, the stock has rebounded from its short-term downtrend in early-September, supported by a golden cross. Meanwhile, AVGO has bounced off the 20-day EMA with strong trading volume. In view of YTD performance, the long-term uptrend remains intact, which indicates further upside potential in the near term.

Fundamentals

Net profit is expected to grow at a CAGR of 56.7% for the next 3 years with improved margins estimated to be above 11%.

Source: Rakuten Research - 23 Sept 2024

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