Broadcom (AVGO) stock closed the May 19 trading session at $411.07, or 6.5% lower compared to its highest-ever closing price of $439.79 on May 14, according to Yahoo Finance.

The drop happened despite several analyst upgrades.

Wells Fargo and TD Cowen both raised their price targets.

Wells Fargo reiterated an overweight (buy) rating and raised its price target for Broadcom to $545 from $430.

TD Cowen reiterated a buy rating for Broadcom stock and raised the price target to $500 from $405.

UBS reiterated a buy rating and raised its price target to $490 from $475, according to Yahoo Finance.

Despite this price hike, UBS analysts also issued a strong warning about semiconductor stocks, including Broadcom, Proactive…