Mizuho Raises Broadcom Price Target to $530
Mizuho analyst Vijay Rakesh raised the price target on Broadcom Limited (NASDAQ: AVGO) to $530.00 (from $480.00) while maintaining a Outperform rating.
“We would buy the pullback as AVGO reported in-line AprQ results and guided JulQ to $29.4B, up 33% q/q (above consensus $28.6B).
Key points: 1) JulQ AI revenue guided to $16B, up 48% q/q with visibility extending into 2028E, 2) XPU ramps strengthening with leading customers GOOGL, Anthropic, OpenAI, META, and others driving F27E AI revs >$100B (unchanged vs. prior) though we believe could have upside as new capacity is deployed, projecting >$110B, 3) AVGO continues to innovate the XPU roadmap, with future generation XPU potentially integrating CPU/SRAM with Panel Packaging, and 4) SW bookings strong as JulQ guided up 24% q/q with Agentic AI and VCF 9.1 traction.
Reiterate Outperform, Raise Ests/PT to $530 (prior $480), 25x C27E P/E, compelling vs peer avg. 26x, as AVGO remains the king of AI ASICs.”
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