Broadcom price target raised to $250 from $195 at Bernstein

Bernstein raised the firm’s price target on Broadcom (AVGO) to $250 from $195 and keeps an Outperform rating on the shares. The company’s Q4 earnings were “decent”, with upside coming from Semis on stronger AI revenue against Software business coming in weaker than expected amid some deal pushouts into Q1, the analyst tells investors in a research note. Bernstein adds that the software revenue pushout preserved overall revenue guidance, AI networking is supporting overall AI revenues in the near term, and the second-half of FY25 appears poised for a material XPU ASIC ramp on new 3nm products, with the firm also raising its FY25 EPS view by 37c to $6.40 and its FY26 view by 56c to $7.61.