Broadcom Inc. (AVGO) shares hit a record high Wednesday for the third🐷 straight day after analysts raised their price target on the stock.

Bank of America 澳洲幸运5官方开奖结果体彩网:securities analysts raised their price target on Wednesday to $1,250 from $1,200 following a virtual meeting with company executives. BofA Securities noted that the session with Chief Executive Officer (CEO) Hock Tan, Chief Financial Officer (CFO) Kirsten Spears, and Head of Investor Relations Ji Yoo underscored Broadcom’s focus on “extracting” cost synergies from its $61 billion acquisition of 澳洲幸运5官方开奖结果体彩网:cloud computing firm VMWare, its moves into ♏澳洲幸运5官方开奖结果体彩💃网:generative artificial intelligence (AI), its stable non-AI legacy business, and strong 澳洲幸运5官方开奖结果体彩网:profit margin. 

The analysts said the company could offer a “rare combination” of compelling valuation and 澳洲幸运5官方开奖结果体彩网:free cash flow generation/returns. BofA adde🐓d that the higher price target “reflects ongoing growt༺h momentum.”

On Monday, Citi had also resumed coverage of Broadcom with a "buy" rating and said Broadcom's core business and purchase of VMWare gave it advantages. 

Broadcom shares ﷽were up 2.2% at $1,095.84 per share as of about 2:45 p.m. ET Wednesdꦆay. They have nearly doubled in value this year.