As previously reported, Seaport Research downgraded Broadcom (AVGO) to Neutral from Buy with no price target. While calling Broadcom "the leading competitor" to Nvidia (NVDA) for AI compute, the firm says the company is now increasingly confronting the limits of the industry, just like Nvidia. Beyond industry shortages, the firm also sees Broadcom as "increasingly getting drawn into the market for financing customers" and while it is doing well, the firm sees Broadcom's gains as now fully factored into consensus.
