(NASDAQ: AVGO), an infrastructure technology leader, has delivered market-smashing returns to investors in recent years. Despite a recent dip in the share price, analysts at TD Cowen believe investors should stay the course.

The firm recently adjusted its price target to $210, down from $1,750, to account for the recent 10-for-1 stock split. The shares trade around $155 at the moment after hitting a 52-week high of $185 this year. Here's why TD Cowen believes Broadcom stock can hit new highs over the next 12 months.

Broadcom is seeing strong demand for its artificial intelligence (AI) networking and semiconductor solutions in the data center market. Revenue grew 12% year over year in the fiscal second quarter ending May 5, which excludes the revenue contribution from last year's acquisition of VMware. Including VMware's revenue, Broadcom's total revenue was up 43% over the year-ago period.

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Source Fool.com