Rothschild & Co Redburn downgrades Broadcom to Neutral, slashes price target to $398 as Friday chip selloff broadens
What happened
Rothschild & Co Redburn downgraded Broadcom (AVGO) to Neutral from Buy on Friday, November 13, and slashed its price target by a third, to $398 from $595 — leaving only about 9% upside from Thursday's $364.36 close. Broadcom shares fell as much as 7.3% intraday and closed down 4.76% at $347.01. The downgrade landed amid a broad Friday chip selloff: AMD tumbled 9% to lead S&P 500 decliners, Marvell fell nearly 5%, Intel and Micron each dropped 2.5%, Applied Materials fell 3% despite beating earnings, and the iShares Semiconductor ETF (SOXX) dropped nearly 4%. Nvidia fell another 2%, taking its weekly loss to 13%, while Dell dropped 7%, Cisco fell 6% despite a strong earnings beat, and Nvidia-backed CoreWeave and Nebius fell 6% and 10%. The S&P 500 closed down 0.4% and the Nasdaq 0.9%, though both still posted weekly gains of 2.5% and 2.3%.
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Start your free 14-day trialWho’s affected
- Broadcom (AVGO) — downgraded to Neutral, target cut $595 to $398; shares fell as much as 7.3%, closed down 4.76%
- Advanced Micro Devices (AMD) — fell 9% Friday, the S&P 500's biggest decliner, caught in the chip selloff
- Nvidia (NVDA) — fell 2% Friday, down 13% for the week as the Huang resignation fallout continues
- Marvell Technology (MRVL) — fell nearly 5%
- Intel (INTC) and Micron (MU) — each fell 2.5%
- Applied Materials (AMAT) — fell 3% despite a better-than-expected earnings report
- Dell Technologies (DELL) — fell 7% as AI-infrastructure names sold off
- Cisco (CSCO) — fell 6% despite beating estimates and raising guidance on AI networking demand
- CoreWeave (CRWV) and Nebius (NBIS) — fell 6% and 10%
- iShares Semiconductor ETF (SOXX) — dropped nearly 4%
- Alphabet (GOOGL) — flagged by Redburn as a risk: Google may do more of its own chip work instead of using Broadcom