Bank of America resets Broadcom stock price target after earnings

Bank of America lowered its stock price target for Broadcom after the company reported second-quarter fiscal year 2026 earnings on June 3. The stock dropped 12.59% to $418.91, losing $280 billion in market value. The move follows a 21.04% year-to-date gain for Broadcom, outpacing the S&P 500's 11.02% rise. The downgrade reflects investor concerns over earnings performance amid semiconductor sector volatility.