BofA Raises Broadcom Price Target to $460

BofA Securities analyst Vivek Arya raised the price target on Broadcom Limited (NASDAQ: AVGO) to $460 (from $400) while maintaining a Buy rating.

“Following the successful launch of Gemini 3 trained 100% on the TPU and potential future rent-out of TPUs to external Google customers, we examine the competitive landscape of the latest TPUv7 vs. the latest NVDA Blackwell Ultra, as well as publish our latest TPU breakout model by units, ASPs, and generations.

Overall, we view the rising TPU leverage as a positive for its key design partner AVGO, with the current ~$5-6k ASP and ~2mn units in CY25E likely to expand to $12-15k ASP and 3mn+ units in CY26E, with upside toward 3.6-3.8mn units (based on supplies) if demand continues to expand (Google internal, potential Anthropic/Meta).

We reiterate Buy and raise sales/PO to $460 from $400, now on 33x CY27E (still within 11x-40x historical) vs. 37x CY26E prior, as we look out into CY27 ramps.

However, we modestly tweak down GMs given higher compute/ASIC mix, leave overall EPS estimates largely unchanged.”

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.