Although Broadcom Inc. (NASDAQ: AVGO) stock fell by 5% over the past 12 days through September 14, after the company’s fourth-quarter revenue guidance fell short of Wall Street expectations, Vijay Rakesh, an analyst at Mizuho Securities, has predicted a rally towards a new all-time high (ATH) over the next 12 months. 

Rakesh reiterated a ‘Buy’ rating for Broadcom stock, according to a note sent to clients on September 12. He also maintained the firm’s 12-month price target at $530.

With AVGO stock trading at $350.69 during Monday’s pre-market session, Mizuho Securities expects a potential 51.13% increase. Despite Broadcom reporting a fiscal fourth-quarter revenue outlook of $34.8 billion, which was below Wall…