Broadcom Limited (AVGO) PT Raised to $275 at KeyBanc; 'We're Encouraged By These Strong Results'

KeyBanc analyst John Vinh raised the price target on Broadcom Limited (NASDAQ: AVGO) to $275.00 (from $260.00) while maintaining an Overweight rating.

The analyst commented: "Strong Results and Guidance; AVGO reported strong F1Q (Jan) results and F2Q (Apr) guidance, which exceeded expectations. Upside was driven by AI revs of $4.1B (+77% y/y), which exceeded guidance of $3.8B due to stronger networking revs. F2Q AI revs are expected to remain strong at $4.4B (+44% y/y). Notably, AVGO announced two additional AI "engagement partners" for a total of four (we believe two of four are AAPL and OpenAI). These new customers would be additive to the existing F27 SAM of $60B-$90B driven by existing customers (Google, Meta, Byte Dance). We're encouraged by these strong results, as AVGO strengthens its position as a leading custom AI ASIC provider. As such, we're raising ests and our PT to $275."

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