DA Davidson Lowers Broadcom Price Target to $350
DA Davidson analyst Gil Luria lowered the price target on Broadcom Limited (NASDAQ: AVGO) to $350 (from $400) while maintaining a Neutral rating.
“Shares are down after strong quarterly results, but near term revenue guidance failed to meet the high bar investors had.
In an effort to reaffirm the durability of their earnings, the company provided AI revenue guidance through 2028 that significantly beat prior expectations, with AI revenue doubling in 2027, and once more in 2028.
Broadcom custom XPUs are showing their relevance in the semiconductor market, growing 3.5x Y/Y and now making up 73% of AI revenue. We maintain our NEUTRAL rating and reduce our PT to $350 from $400.”
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