An analyst call on red-hot Broadcom indicates a possible buying opportunity ahead

Published Fri, Mar 1 202411:42 AM EST

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. ET. Here's a recap of Friday's key moments. 1. One day after topping its November 2021 record close, the Nasdaq on Friday was trying to beat its all-time intraday high. The tech-heavy index as well as the S & P 500 and the Dow were all stronger in February and so were most of our Club stocks . Jim Cramer said Friday, "I want a little more wonderment and a little less cynicism," urging investors to focus on earnings and companies and not the next Federal Reserve's move. 2. Wall Street analysts touted Broadcom ahead of earnings next week. Oppenheimer and Bank of America both lifted their price targets on the Club chip designer to $1,500 per share — roughly 13% upside from Friday's open. The stock was adding another 5% to a new all-time. BofA thinks Broadcom's AI prospects remain strong but sees a possible, brief post-earnings pullback. Jim said that if selling were to occur, members could use it as a reason to buy Broadcom. Later in the month, Broadcom holds an Investor Day, which will also likely be a material event for the stock. 3. Bank of America raised Eli Lilly's price target to $1,000 per share, a new Street high. The analysts believe GLP-1 drugs such as Mounjaro for diabetes and Zepbound for obesity are underappreciated by the market for what they could do to treat heart disease, sleep apnea, and liver disease. The Club agrees with the BofA analysts and sees these offerings as a huge growth driver for Lilly. Jim said investors should keep in mind that the FDA is expected to approve Lilly's Alzheimer's treatment within the next month too. (Jim Cramer's Charitable Trust is long AVGO, LLY . See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.