(NASDAQ: AVGO) provides chips and software solutions for servers, smartphones, among other enterprise and consumer markets, but growing investment in data centers for artificial intelligence (AI) infrastructure is emerging as an important long-term growth catalyst.

The stock rocketed nearly 113% over the last year, but JPMorgan analysts see more gains based on Broadcom's opportunity to supply chips for Alphabet's Google and Meta Platforms over the next few years.

Earlier this week, the investment firm maintained an overweight (buy) rating on the shares with a $1,700 price target, representing a nearly 29% upside in the next 12 months over the current share price.

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Source Fool.com