Broadcom Limited (AVGO) PT Raised; Piper Sandler: 'We Remain Buyers, Especially On Any Weakness'

Piper Sandler analyst Harsh Kumar raised the price target on Broadcom Limited (NASDAQ: AVGO) to $430.00 (from $375.00) while maintaining an Overweight rating.

The analyst commented: "Blockbuster Results Supported by $73B in Expanding AI Backlog; AVGO continues to be on a roll, delivering blockbuster results and guide. In addition to beating expectations, Broadcom is seeing sizable growth in its AI business, primarily driven by XPUs but also by networking. AVGO expects its AI business to deliver $8.2 billion in the January 2026 quarter, up roughly 100% y/y. In addition, management announced an additional $11 billion order from Anthropic on top of the $10 billion order received last quarter. AVGO also named customer #5, which placed a $1 billion order and could potentially scale to tens of billions in 2027 though 2029. All in all, the company noted that it has $73 billion in high-visibility AI backlog over the next 18 months and will continue to take orders as time goes on. We remain buyers of AVGO, especially on any weakness, and believe that gross margin dollars is the right approach for the XPU business."

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