Broadcom Could Rise Almost 30%: Jim Cramer

Chip giant could hit $350 if it manages to buy Qualcomm for $80 a share or less.

Author:: TheStreet Staff
Publish date:: Nov 16, 2017 12:21 PM EST

Broadcom (AVGO) - Get Report could soar to $350 a share from its current $270 or so if the tech giant can buy Qualcomm (QCOM) - Get Report for less than $80 a share, Jim Cramer says.

"I believe in the Wall Street research that talks about [Broadcom] going to $350 if they get Qualcomm anywhere within $80," Cramer said in his latest VIP call with members of his Action Alerts PLUS club for investors.

Broadcom last week officially launched an unsolicited $130 billion bid for Qualcomm, offering $70 a share plus $25 billion in debt assumption. Qualcomm -- which had been trading at around $55 a share before media reports of the impending offer broke -- rejected the bid, but many analysts say the takeover could succeed if AVGO boosts the price. Qualcomm was fetching about $66 a share at midday Thursday. Cramer's charitable trust owns Broadcom.

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This article was written by a staff member of TheStreet.