Benzinga | Dec 14, 2021 06:24AM EST

Read Why Analysts Bumped Up Price Targets On Broadcom

* Analysts lifted their price targets on Broadcom Inc (NASDAQ:AVGO), citing deal prospects and demand for its products.

* Goldman Sachs maintained a Buy and raised the price target from $589 to $670 (7.8% upside).

* Barclays analyst Blayne Curtis raised the price target to $650 from $540 (4.6% upside) and kept an Overweight.

* The company's next deal "will always be the major catalyst," but in the interim, it is raising the dividend and buying back stock, "which should be gravy on top of a story levered to some of the best trends in FY22," Curtis says.

* Citi analyst Christopher Danely raised the price target to $685 from $585 (10.2% upside) and reiterated a Buy.

* Broadcom continues to see robust demand for its networking and storage products due to strength from the enterprise and cloud end markets, Danely says.

* Baird analyst Tristan Gerra raised the price target to $690 from $550 (11% upside) and kept an Outperform.

* The analyst said its results suggest software continues to deliver revenue growth above the mid-single-digit target, with a total backlog of 15% year-over-year. In contrast, semiconductor growth continues to track in the high-teens year-over-year.

* He also said the new $10 billion share buyback does not preclude a potential acquisition in 2022.

* Price Action: AVGO shares closed lower by 1.59% at $621.66 on Monday.