Evercore ISI Reiterates Outperform on Broadcom, $582 Price Target
Evercore ISI analyst Mark Lipacis reiterated an Outperform rating and $582.00 price target on Broadcom Limited (NASDAQ: AVGO).
“Particular Buyers of After Hours Weakness. AVGO posted slight beat & raise with AprQ EPS 2% above and implied JulQ 3% above.
Shares are trading 14% lower AH as management only reiterated FY27 AI revs guide of $100bn+ vs buy-side bogey which we believe has stretched to $150bn on average (some closer to $200bn).
We reiterate our Outperform rating and $582 PT. We believe risk/reward is attractive at AH levels which implies 13x our 2028 EPS of $31.78.
However we believe earnings commentary from AVGO was consistent with our channel checks which indicated that its 1) premium ASIC margins were being tested and 2) TPU was shifting to MediaTek (and others) for lower-end variants.
And we believe these dynamics are likely to mute N-T upside as investors will prefer clean stories with SOX +96% in just 5-months YTD.”
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