DA Davidson Raises Broadcom Price Target to $400

DA Davidson analyst Gil Luria raised the price target on Broadcom Limited (NASDAQ: AVGO) to $400.00 (from $375.00) while maintaining a Neutral rating.

“Shares are down after hours following a modest 1Q revenue beat of 0.5% versus consensus and a constructive 3Q guide which failed to meet elevated investor expectations.

The updated outlook calls for 84% Y/Y total revenue growth in 3Q, led by >200% Y/Y growth in AI semiconductor revenue and 67% Non-GAAP operating margins.

During the call the company provided updates on several strategic initiatives that suggest we are far from a state of equilibrium with supply and demand for compute continues to ramp.

We maintain our NEUTRAL rating and increase our PT to $400 from $375 (30x CY26 EPS).”

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