Broadcom Inc. (AVGO) Soars 11.1%: Is Further Upside Left in the Stock?

Broadcom Inc. AVGO shares rallied 11.1% in the last trading session to close at $377.96. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 3.9% loss over the past four weeks.Broadcom is experiencing strong momentum fueled by growth in AI semiconductors and continued success with its VMware integration.This chipmaker is expected to post quarterly earnings of $1.87 per share in its upcoming report, which represents a year-over-year change of +31.7%. Revenues are expected to be $17.5 billion, up 24.5% from the year-ago quarter.Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.For Broadcom Inc., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on AVGO going forward to see if this recent jump can turn into more strength down the road.The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>Broadcom Inc. belongs to the Zacks Electronics - Semiconductors industry. Another stock from the same industry, Marvell Technology MRVL, closed the last trading session 8.2% higher at $83.79. Over the past month, MRVL has returned -7.9%.Marvell's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.75. Compared to the company's year-ago EPS, this represents a change of +74.4%. Marvell currently boasts a Zacks Rank of #3 (Hold).Beyond Nvidia: AI's Second Wave Is HereThe AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. Little-known AI firms tackling the world's biggest problems may be more lucrative in the coming months and years.See "2nd Wave" AI stocks now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Broadcom Inc. (AVGO): Free Stock Analysis Report Marvell Technology, Inc. (MRVL): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks