Broadcom price target raised to $2,400 from $1,650 at Rosenblatt

Rosenblatt raised the firm’s price target on Broadcom (AVGO) to $2,400 from $1,650 and keeps a Buy rating on the shares. The firm rolled out fiscal 2026 estimates that support high-teens sales growth and $75 non-GAAP earnings per share for Broadcom, driven by continued artificial intelligence infrastructure networking momentum and improved synergies in enterprise software. For fiscal 2024, the analyst continues to expect upside to the company’s recently raised sales target of $51B, driven by AI semi-sales and better VMware integration. Investors continue to focus on the competitive dynamic between Broadcom’s custom chips and Nvidia (NVDA) GPUs, which is “an apples-to-oranges comparison as we believe that both will thrive,” the analyst tells investors in a research note.