Truist Securities Raises Broadcom Price Target to $550
Truist Securities analyst William Stein raised the price target on Broadcom Limited (NASDAQ: AVGO) to $550.00 (from $545.00) while maintaining a Buy rating.
“We encourage investors to look through the noise. AVGO delivered a good, but neither stellar nor completely “clean” CQ1 result / CQ2 outlook.
AVGO missed on Software (again) and offered an AI revenue outlook that wasn’t as much of an uptick as investors hoped for.
We believe the key issue is timing: in software, the outlook was significantly higher (driven by AI agents!) and while it didn’t explicitly raise its AI semi outlook, it does appear that the backlog is improving and supporting sustained growth.
We take our CY27 EPS to $22.35 (from $20.88) and PT to $550 (from $545) based on 24.5x (5.5x discount to DC peers). Buy AVGO for AI growth with duration.”
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