Jefferies Raises Broadcom Price Target to $480

Jefferies analyst Blayne Curtis raised the price target on Broadcom Limited (NASDAQ: AVGO) to $480 (from $415) while maintaining a Buy rating.

“We return to AVGO as our top pick as we see the larger upside to estimates as ASICs hit an inflection point.

Google has long been the main ASIC customer for AVGO but those volumes should become much more meaningful in C26/27.

Google continues to see the amount of tokens they process per month rise and announced 1,300T in October up from 480T in April 2025.

This should grow even more as compute is needed for multimodal models (Google noted in mid-October over 275M videos had already been made with VEO).

We came back from Asia with our checks suggesting 2.7-3M units of TPU for 2026 (up from 1.5M in 2025), but that is now looking closer to 3M with likely upside beyond that as Google announced they are planning to host access for up to 1M TPUS for Anthropic.

Anthropic is planning to set up their own cluster as well in C26 ($10B AVGO deal is just the first order, ~250k units suggesting follow-on orders).

Beyond the upside from GOOG, we expect Meta to ramp its first true AI chip (w/ HBM) in Q326 with an OAI ASIC in Q426.

We expect the OAI engagement to drive more upside given the 10GWs plans through 2029.”

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