DA Davidson analyst Gil Luria reiterated a Neutral rating and $375.00 price target on Broadcom Limited (NASDAQ: AVGO).

The analyst commented, "Broadcom announced it entered into a long-term agreement with Google to develop and supply custom TPUs for Google's future generations of their custom AI-ASIC. Further, Broadcom granted a supply assurance agreement to Google, covering networking and other components for Google's next-generation AI racks through 2031...Broadcom's projections and longer-term outlook. With NVDA (BUY-rated) and AMD (NEUTRAL-rated) announcing new products, new customers and longer-term outlooks, these two announcements put the spotlight back on Broadcom as a major winner. Maintain NEUTRAL rating and $375 price target, valuing shares at 29x our CY26 EPS estimate, in-line with semiconductor peers. Our rating is mostly based on NVDA’s more attractive valuation."

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Shares of Broadcom Limited closed at $314.43 yesterday.