The shares of Broadcom Inc. popped on Monday, reaching their highest-ever price as Citigroup Inc. left the firm in its "buy" rating while updating the price target to $1,100.
Citigroup shared their reasonings for the decision, mentioning that "strength in the core business and accretion from the VMware acquisition" is to thank for the rating.
The company's stock skyrocketed 10.08% at 3:21 pm ET going for $1,039.51. Year to date, Broadcom's shares soared 85%.
