TD Cowen analyst Joshua Buchalter raised the price target on Broadcom Limited (NASDAQ: AVGO) to $240.00 (from $210.00) while maintaining a Buy rating.

The analyst said: "Huge SAM Number and New Customers Demonstrate Confidence in AI Opportunity: An in-line print/guide, but AI commentary is the story for this one. A "$60B to $90B" potential SAM in F2027 is difficult to prove/disprove, but is huge, driven by three 1M+ XPU clusters (presumably with Broadcom back-end switching); plus an additional two hyperscale customers not included in that SAM provide potential further upside. VMW progress the cherry on top. Reit. Buy, PT goes to $240."