Deutsche Bank Raises Broadcom Price Target to $350

Deutsche Bank analyst Ross Seymore raised the price target on Broadcom Limited (NASDAQ: AVGO) to $350 (from $300) while maintaining a Buy rating.

“While AVGO’s report/guide were relatively in-line on the surface, the all-important AI commentary was decidedly more bullish.

Specifically, AVGO indicated that its AI revenue (~30-35% of mix) should grow +20% q/q in F4Q, and accelerate even more into FY26 as the company benefits from increased share at its 3 original XPU customers and begins ramping a newly announced 4th customer (DBe OpenAI for inference, initially).

The combination of these drivers should allow AVGO to tap into its record $110b backlog to yield >$40b in AI revenue in FY26 (DBe +115% y/y vs +60% prior), with the 2H of the FY benefitting from $10b of revenue from its newest customer.

When combined with a slowly improving non-AI semi segment (bookings +23% y/y) and a steady software segment, we expect AVGO to deliver ~+40% revenue growth in FY26, with opex control yielding strong EPS fall through (DBe +45% y/y).”

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