Citi increases Broadcom price target before earnings announcement
Citi believes Broadcom‘s fiscal fourth quarter results will top expectations ahead of the company’s earnings release on Thursday.
Analyst Christopher Danely raised its price target on shares to $205 from $175, implying 14.6% upside potential from Monday’s close. Danely also reiterated his buy rating on the stock.
Danely estimates Broadcom could report up to $15 billion in sales, or a 7% rise from the previous quarter. The company’s non-AI semiconductor business will likely drive its better-than-consensus results, he added.
To be sure, current quarter guidance could be held back on a slowdown in orders from Google, a leading AI customer, Danely said.
“We do expect business to ramp from Meta throughout C25 and pick up the slack,” Danely wrote in a Tuesday note.
— Hakyung Kim
South Korea leads Asia gains as political turmoil continues to grip the country
South Korean markets led gains in Asia on Tuesday, with the country’s blue-chip Kospi surging 2.43% and seeing its best day in almost three months, while the small-cap Kosdaq spiked 5.52%.
That comes as the country continues to grapple with the fallout of President Yoon Suk Yeol’s short-lived martial law declaration.
Other markets in Asia also climbed, with Japan’s Nikkei 225 up 0.53% and mainland China’s CSI 300 rising by 0.73%.
— Lim Hui Jie
European markets open lower
European stocks opened lower on Tuesday, as investors reacted to Chinese import and export figures that came in below expectations in November.
The pan-European Stoxx 600 index was 0.25% lower shortly after the opening bell, with all major bourses trading in negative territory.
— Chloe Taylor
Stocks making the biggest moves after hours
Check out some of the companies making headlines in extended trading:
- Oracle — Stock in the computer technology company slipped 5% after Oracle slightly missed fiscal second-quarter earnings estimates. The firm reported adjusted earnings of $1.47 per share, while analysts polled by LSEG were looking for $1.48 per share. Oracle’s revenue of $14.1 billion matched analysts’ estimates.
- MongoDB — Shares added more than 9% after the database company raised its fourth-quarter forecast. MongoDB now expects adjusted earnings per share in the range of 62 cents to 65 cents, while analysts polled by LSEG were looking for 58 cents per share. The firm also expects revenue in the current quarter of $515 million to $519 million, against a forecast $509 million.
- Vail Resorts — The operator of ski resorts saw shares jump close to 3% after posting a narrower-than-expected loss in the fiscal first quarter. Vail reported an adjusted loss of $4.61 per share on revenue of $260 million. Analysts polled by LSEG were looking for a loss of $5.00 per share and revenue of $253 million.
Read the full list here.
— Brian Evans
Stock futures open little changed
Stock futures were little changed on Monday, after both the S&P 500 and Nasdaq Composite pulled back from their respective highs.
S&P 500 futures ticked down 0.03%, while Nasdaq 100 futures lost 0.01%. Futures tied to the Dow Jones Industrial Average hovered near the flatline.
— Brian Evans
