Evercore Broadcom · AVGO

Evercore ISI Raises Broadcom Price Target to $403

Analyst: Mark Lipacis 1 min read Reproduced verbatim
Rating
Outperform
Target
$403
from $342 (+18%)
Outcome
Reached
on December 9, 2025
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What the analyst said

Evercore ISI analyst Mark Lipacis raised the price target on Broadcom Limited (NASDAQ: AVGO) to $403 (from $342) while maintaining an Outperform rating.

“We believe AVGO’s recently announced deal with OpenAI to deploy 10GW of custom AI accelerators by the end of 2029 can add a range of $2-to-$6 to our current 2029 EPS estimate.

Our sense is that OpenAI is not the unnamed 4th customer which made a $10bn order for delivery beginning in 2HFY26 and AVGO’s XPUs and Ethernet-based scale-up, scale-out, and scale-across solutions will be used for OAI’s inferencing applications.

We believe the deal is another confirmation that AVGO is the premier supplier of custom-AI XPUs and continue to expect AVGO to maintain a premium P/E.

We will update our model post its earnings call, but in the meantime, last night we increased our price target to $403 based on 38x our 2029 EPS power of $14, discounted back 3 years.”

Disclaimer
The price target and rating on this page are the opinion of the issuing research firm and its analyst, not of Price Target. This page is published for informational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any security. Past performance does not guarantee future results. Consider your own circumstances and consult a licensed financial adviser before making investment decisions.

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.

Where the price stands

AVGO trades at $352. The 21 analysts who set a target in the last 3 months range from $400 to $630, with a median of $515. This $403 target is 22% below the median.

Since the note AVGO has moved +2% (from $344). The 12-month window closed on October 15, 2026.

Track record

This call✓ Target reached on December 9, 2025, 2 months after the note.

Firm track recordEvercore: 100% of its 11 targets at least a year old were reached within 12 months; on Broadcom, 3 of 3. Accuracy ranking →

Evercore on Broadcom

Evercore price targets on Broadcom

6 calls from June 6, 2025 to September 3, 2026. The target went from $304 to $578 (+90%). The rating stayed Buy.

Evercore targetAVGO share price
  1. September 3, 2026Target cut from $582 (−1%)Buy$578
  2. June 4, 2026Target raised from $490 (+19%)Buy$582
  3. December 12, 2025Target raised from $403 (+22%)Buy$490
  4. October 15, 2025 This noteTarget raised from $342 (+18%)Buy$403
  5. September 4, 2025Target raised from $304 (+13%)Buy$342
  6. June 6, 2025Earliest call shownBuy$304
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Other analysts on Broadcom

StoneXBuy Kept rating and price target Oct 27 $545maintained UBSBuy Kept rating and price target Oct 27 $470maintained RosenblattBuy Kept rating and price target Oct 27 $600maintained DA DavidsonBuy Upgraded, raised price target +14% Oct 27 $400from $350 KeyBancBuy Kept rating and price target Oct 27 $575maintained
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Price Target is an archive of Wall Street analyst research, published for informational purposes only. Nothing on this site is investment advice, a recommendation, or an offer to buy or sell any security. Analyst ratings and price targets are the opinions of the issuing firms, not of Price Target. Always do your own research or consult a licensed financial adviser.