Broadcom price target raised to $240 from $190 at Deutsche Bank

Deutsche Bank analyst Ross Seymore raised the firm’s price target on Broadcom (AVGO) to $240 from $190 and keeps a Buy rating on the shares following the fiscal Q4 report. Not only did Broadcom deliver a “solid” quarter and guidance, it also, more importantly, provided meaningful upside to long-term expectations for artificial intelligence-related revenues, outlining a fiscal 2027 serviceable addressable market of $60B-$90B for solely its three current hyperscale customers, an “impressive figure,” the analyst tells investors in a research note. The firm sees strong momentum for the company’s fundamentals and share price.