Broadcom price target raised to $420 from $400 at KeyBanc

KeyBanc analyst John Vinh raised the firm’s price target on Broadcom (AVGO) to $420 from $400 and keeps an Overweight rating on the shares. The firm is seeing significant upward revisions in CoWoS supply next year to 190K, which represents over a 160% year-over-year increase. TPU7e delays will allow Broadcom to maintain 100% share of the Google (GOOGL) TPU franchise through 2026. TPU shipments are expected to more than double in 2026, as Google looks to make its TPU more broadly available for broader workloads, KeyBanc says, adding that Microsoft (MSFT)-backed OpenAI is ramping its AI ASIC in the second half of 2026 with volumes estimated at 400K-500K units. The firm also notes that Apple (AAPL) is also expected to ramp its AI ASIC next year with volumes estimated at 100K.