Mizuho Raises Broadcom Price Target to $329

Mizuho analyst Vijay Rakesh raised the price target on Broadcom Limited (NASDAQ: AVGO) to $329 (from $315) while maintaining an Outperform rating.

“Last night, as part of its trade negotiations with China, the Trump administration announced that NVDA, and other AI Accelerator providers, would be allowed to resume AI GPU shipments into China.

Key takeaways include: 1) BIG win for NVDA, as it previously noted it expected a $8B top-line hit in JulQ from shipment restrictions, as well as additional tailwinds from an expected Blackwell project designed to meet the US’s requirements on shipments into China later this year, 2) AVGO ASIC for ByteDance potentially back on the table, driving potential for upside from current estimates, 3) AMD to resume MI308 shipments to China, and 4) NVDA seeing early benefits as key customers ByteDance and Tencent already applying for H20 shipment licenses.

Raising ests/PTs for NVDA/AMD/AVGO to $192/$175/$320 with China’s return providing a tailwind as US companies re-enter a ~$50B market.”

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