Mizuho Reiterates Outperform on Broadcom, $480 Price Target
Mizuho analyst Vijay Rakesh reiterated an Outperform rating and $480.00 price target on Broadcom Limited (NASDAQ: AVGO).
“We hosted CEO Hock Tan, CFO Kirsten Spears, and Head of IR Ji Yoo for a call with investors.
Key points: 1) An accelerating ASIC Pipeline with i) TPUs, ii) Anthropic, iii) MTIA and iv) OAI over generations and multi-GW deployments driving UPSIDE, 2) 3.5GW Anthropic deal starting C27E, we believe only TPU v8, with potentially further upside as subsequent TPU generations ramp, driving follow-on deals with cons.
Anthropic ARR >$100B by 2026E-end (~10x y/y), 3) AI networking with copper strong potentially into 3.2T/6.4T for short reach NVL72 racks as AVGO works with 400G/800G SerDes, while we see hybrid growth continuing with Copper-Optical short/long reach interconnects (+vE CRDO/LITE), and 4) Infra SW-VMware potentially stable at HSD-10% y/y growth over LT at ~80% OM, supporting strong >$54B/yr FCF.
Reiterate Outperform, PT $480.”
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