Broadcom Inc

AVGO: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$1,871.00	Twmr	Nwsxffwscv

Broadcom: We Raise Our FVE to $840 and Maintain Wide Moat Rating After VMware Deal Finally Closes

William Kerwin

Nov 22, 2023

We raise our fair value estimate for shares of wide-moat Broadcom to $840, from $815, after the firm closed on its acquisition of VMware. We continue to like the deal. In our view, VMware greatly augments Broadcom’s software portfolio, will sustain its wide moat, and enable modestly higher growth into the medium term. Still, we see Broadcom’s valuation as challenging even with a value-accretive deal under its belt.

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