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BroadcomInvezz
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81% Informative
Broadcom ( AVGO ) stock price is firing on all cylinders as the company matches towards a $1 trillion market cap.
It has risen by over 61% this year , pushing its market cap to over $817 billion .
AVGO needs to rise by 22.38% to $ 220 to get to a trillion-dollar valuation.
Broadcom trades at a non-GAAP price-to-earnings (P/E) ratio of 38.56 , which is substantially higher than the industry median of 23.7 .
Broadcom stock nears key resistance point at $ 184.20 , its highest point in June this year .
A move above that level will invalidate the double-top pattern, and point to more gains.
If this happens, the Broadcom share price will likely continue rising as bulls target the key resistance at $ 220 .
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