Goldman Sachs Reiterates Buy on Broadcom, $360 Price Target

Goldman Sachs analyst James Schneider reiterated a Buy rating and $360 price target on Broadcom Limited (NASDAQ: AVGO).

“We expect the stock to trade up following a solid quarter with guidance above the Street, despite elevated expectations heading into the quarter.

We believe the most significant development was Broadcom’s announcement that it has converted another new custom silicon customer focused on inference, which is expected to help drive “material” upside to management’s prior expectation of AI Semiconductor revenue growth of ~60% in 2026.

The company’s AI Networking prospects remain compelling heading into 2026 with significant scale-up and scale-out opportunities driven by its Tomahawk 6 and Jericho 4 products.

Management noted that it currently has a total backlog of over $110bn, which implies significant business visibility over the next two years.

Finally, the company announced that CEO Hock Tan has announced his intention to remain CEO through at least 2030.

We remain Buy rated on Broadcom as we see the company remaining the leader in AI custom compute and merchant networking silicon (which is likely to grow in importance), and we believe the company’s enterprise software portfolio is under-appreciated.”

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