Broadcom Inc. (AVGO) is experiencing a notable uptick in its stock price, driven by a surge in options trading activity and positive sentiment from financial analysts. Over the past two days, Broadcom's options volume has exceeded one million contracts, with a significant proportion of these being call options. This heightened activity suggests strong investor interest and optimism about the company's near-term prospects. Additionally, the implied volatility of Broadcom's options has increased to 46%, indicating that traders are expecting significant price movements in the stock.
Furthermore, Broadcom's stock has been buoyed by a favorable outlook from financial institutions. Goldman Sachs has expressed a 'higher conviction' in Broadcom, and Bank of America has raised its price target for the company. These endorsements from major financial players are likely contributing to the positive momentum in Broadcom's stock.
Broadcom's stock is currently priced at $254.91, reflecting a 1.96% increase from the previous close of $250.00.