RBC Capital Lowers Broadcom Price Target to $340
RBC Capital analyst Srini Pajjuri lowered the price target on Broadcom Limited (NASDAQ: AVGO) to $340.00 (from $370.00) while maintaining a Sector Perform rating.
“NT Looks Strong But Sustainability Less Clear; We expect a beat/raise driven by strong TPU/Networking demand.
We believe 18-month AI backlog is tracking higher (vs prior $73b +) and expect revenue growth to accelerate through 2026 as Anthropic racks ship in volume.
We are not overly concerned about competition from MediaTek but the sustainability of Anthropic demand beyond 1H27 looks less clear, especially given Anthropic’s agreement with NVDA/MSFT.
We are also taking a conservative view on OpenAI contribution in 2027 given its multiple agreements (AMD/NVDA/AMZN). Valuation is at ~25% premium to NVDA despite much lower AI exposure.
We lower PT to $340 and maintain Sector Perform.”
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