Mizuho Raises Broadcom Price Target to $430

Mizuho analyst Vijay Rakesh raised the price target on Broadcom Limited (NASDAQ: AVGO) to $430 (from $410) while maintaining an Outperform rating.

“In its third gigawatt-scale partnership in the last 4 weeks, OpenAI (OAI) announced it would officially be building its own ASIC with AVGO.

Key takeaways: 1) deal deploys 10GW of OAI’s custom ASIC (code named Titan), as we estimate potentially a $150-200B deal for AVGO over “multiple” years, with initial ramps to begin in 2H26E, 2) we conservatively raise our AVGO AI revenue estimates for F26E to $40.4B, F27E to $64.5B, F28E to $78B (prior: $39B/$60B/$75B), as the OAI partnership exceeded our expectations, 3) additional tailwinds from networking with SUE/Tomahawk as we conservatively estimate $15-20B incremental revenue (AI ASIC + Networking) per GW, and 4) OAI has now announced ~26GW of deals in past 4 weeks with AVGO, NVDA and AMD.

Reiterate Outperform, Raise Ests/PT to $430. AVGO remains our TOP PICK.”

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