Broadcom (AVGO) picked up a wave of analyst upgrades in early March, with five firms raising their price targets within days of each other — all pointing to the company’s growing role in AI chip demand.
Citi moved first on March 5th, bumping its target to $475 from $458 while holding its Buy rating. The bank drew a clear line between winners and losers in the chip space — firms tied to AI data centers, like Broadcom, on one side, and those exposed to personal computing chips on the other.
JPMorgan followed on the same day, raising its target more aggressively to $500 from $475 and keeping an Overweight rating. The bank pointed to strong business momentum and solid guidance for Broadcom’s April quarter as key reasons for the move.
Argus also chimed in on March 5th, pushing its target to $425 from $375. That’s a quieter raise than some of the others, but it adds to the chorus of bullishness on the stock.
Rosenblatt set a $500 price target, referencing Broadcom’s first-quarter fiscal 2026 results, which came in line with expectations. The firm also noted that second-quarter revenue guidance beat average analyst forecasts by 10%.
The highlight from Rosenblatt’s note was a comment from CEO Hock Tan, who said the company’s fiscal 2027 visibility has jumped. Tan outlined a path to AI chip revenue exceeding $100 billion — a number that caught the market’s attention.
Broadcom’s custom AI chips, known as ASICs, are at the center of that story. Several hyperscalers and cloud companies have turned to Broadcom to design chips tailored to their specific AI workloads, rather than relying on off-the-shelf GPUs.
Baird had the most eye-catching move of the bunch, raising its price target all the way to $630 from $420 — a $210 jump. The firm kept its Outperform rating and cited Broadcom’s ASIC design capabilities and execution track record as standouts.
Baird also flagged that Anthropic rack installations are no longer expected to put pressure on XPU margins for Broadcom. That margin concern had previously weighed on some forecasts, so its removal is a small but concrete positive.
The firm also pointed to strong networking deployment as a factor improving Broadcom’s product mix going forward.
Broadcom’s Q1 fiscal 2026 results matched expectations, and the Q2 revenue guidance that beat forecasts by 10% gave analysts fresh confidence to move their numbers higher.
The stock was down around 2% at the time of reporting, trading lower despite the positive analyst activity.
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