Evercore ISI Raises Broadcom Price Target to $342

Evercore ISI analyst Mark Lipacis raised the price target on Broadcom Limited (NASDAQ: AVGO) to $342 (from $304) while maintaining an Outperform rating.

“We view AVGO set-up heading into its JulQ-25 earnings report (scheduled for 4-Sep after the market close), with positive fundamentals being partially offset by high expectations.

We view the following as positive for the stock: – Positive TPU product cycle at Google – High demand for high-speed datacenter connectivity and networking chips – YY revenue grow bottomed in Apr-25Q – We estimate that between May and Aug this year, 2025 Capex estimates increased by 15% for Google and by 6% for Meta We view the positive fundamentals are at least partially baked into the stock: – At a NTM P/E ratio of 38x, AVGO is trading near an all-time high, and well above its 10-yr range of 10x-20x – The stock nearly doubled since spring: AVGO increased 96% since its last trough in Apr-25 compared to SPX at +16% – We sense particularly positive buy-side sentiment for AVGO’s fundamentals and stock We are raising our PT from $304 to $342 based on C27 EPS of $10.20 and 37x NTM PE discounted back 1 yr at 10%.”

This research note is reproduced verbatim from the issuing firm. Price Target never edits, paraphrases or alters analysts’ words — we only republish them in one place.