Cantor Fitzgerald Maintains Overweight on Broadcom, $300 Price Target

Cantor Fitzgerald analyst C.J.

Muse reiterated an Overweight rating and $300 price target on Broadcom Limited (NASDAQ: AVGO).

“We expect a modest beat for the January Q, followed by an inline April Q guide.

Our sense is normal wireless seasonality coupled with flattish trends across Custom Silicon (believe TPU flattish) will be largely offset by better AI/non-AI networking to enable an in-line top-line guide.

Bigger picture, we look for management to maintain its very positive outlook for AI revenues and be supportive of upside to consensus numbers for all of CY25 (with TPU ASP uplift under-appreciated 2H story).

With the company now reporting only AI and non-AI Semiconductor revenues, all eyes on any sort of outlook for FY25 (we suspect commentary limited) – note we model FY25/ FY26 AI revenues of $17.8B/$24.8B, largely driven by major step-ups in Custom Silicon, continued growth in AI Networking and Storage.

Elsewhere, look for focus on likely loss of Wi-Fi/Bluetooth combo chip socket at Apple, though we believe the company has won other RF sockets to make up for most of the headwind.

Overall, Broadcom remains an AI powerhouse as it tracks towards capturing significant share within its $60-90B AI SAM in FY27 across both Compute and Networking.

We reiterate our Overweight rating and $300 price target.”

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