Broadcom Stock Forecast: Trending Bullish Among Top Analysts

Broadcom (AVGO) stock has risen 2.0% over the past week but slipped 4.3% over the past month, while still delivering a strong 51.1% gain over the last twelve months. Despite the recent pullback, Wall Street’s analysts are firmly bullish, assigning a StrongBuy consensus and forecasting a move toward a 12‑month average price target of $457.75, well above the last closing price of $331.30.

Wall Street’s overall stance suggests confidence that Broadcom’s current weakness could be a pause in a longer-term uptrend rather than the end of the story. The implied upside from the average target reflects expectations that Broadcom will remain a key winner in the AI and data-center spending cycle. Investors watching the stock’s recent volatility may see this as a potential entry point, given how closely the bullish forecasts tie into structural growth drivers in semiconductors.

One of the most notable voices backing this bullish view is analyst Chris Caso of Wolfe Research, who recently upgraded AVGO to Buy (Outperform) with a new price target of $400.00. This target still sits below the overall Street average but represents a clear vote of confidence in Broadcom’s ability to grow earnings as AI demand accelerates. Caso’s call implies meaningful upside from current levels and aligns with the broader StrongBuy consensus.

In his detailed report, Caso highlights Broadcom’s advantage in AI-focused custom chips, particularly around Google’s TPU (Tensor Processing Unit) roadmap. His checks point to about 7 million TPU shipments by calendar year 2028, with Broadcom expected to remain the main beneficiary as Google opens TPU access to third parties and becomes a more serious competitor to Nvidia in AI compute. He projects AI ASIC revenue of roughly $44 billion in 2026 and $78.4 billion in 2027, driven mainly by TPU growth, and models networking revenue climbing sharply as AI data-center infrastructure expands, while leaving non‑AI semiconductor and infrastructure software estimates unchanged.

Caso’s earnings framework envisions about $16 in EPS by 2027, with a bull case of $18 if Broadcom can double its AI revenue again that year. His $400 price target is based on roughly 22x that bull-case earnings power, which he notes is still below Broadcom’s three‑year average multiple of around 25x during the AI spending cycle. Chris Caso is a highly ranked voice on the Street, standing at #131 out of 11,984 analysts, with a 62.26% success rate and an impressive 26.10% average return per rating. Never miss a stock rating. Find all the latest ratings on TipRanks’ Top Wall Street Analysts page.