Broadcom Stock Forecast: Trending StrongBuy Among Top Analysts

Broadcom (AVGO) stock has risen 3.3% over the past week, fallen 4.4% over the past month, and delivered a strong 54.7% gain over the last 12 months. Wall Street’s analysts are firmly bullish, with a StrongBuy consensus and a 12‑month average price target of $459.89 versus the last closing price of $330.73, implying meaningful upside potential over the coming year.

One of the latest voices joining the bullish camp is Chris Caso of Wolfe Research, who upgraded AVGO to Buy (Outperform) on January 30, 2026, with a price target of $400.00. From the current level, his target suggests solid upside, supported by what he sees as powerful demand drivers in Broadcom’s AI-focused semiconductor business. His view aligns with the broader Street expectation that AVGO can continue to benefit from the ongoing AI spending cycle.

Caso’s report focuses heavily on Broadcom’s role as a key supplier behind Google’s Tensor Processing Units (TPUs). He expects TPU shipments to reach 7 million units annually by calendar year 2028, with additional projects from customers such as Meta and other Open Accelerator Initiative efforts adding “optionality” to future numbers. In his bull case, AI revenue doubles again in calendar 2027, driving earnings per share (EPS) to about $18, while his base case assumes around $16 in EPS by that year.

The analyst also lays out an aggressive revenue roadmap: he lifts his 2026 AI ASIC revenue estimate to roughly $44 billion, based on about 3.3 million TPU shipments, and raises his 2027 AI revenue forecast to $78.4 billion on approximately 5.1 million TPU shipments. He assumes TPUs will drive most of Broadcom’s XPU growth, with other AI-related projects contributing 17% and 14% of XPU revenue in 2026 and 2027, respectively. Networking is another bright spot in his model, with AI networking revenue projected to surge about 75% year over year in 2026 to $15.1 billion, followed by roughly 55% growth in 2027, while non‑AI semis and infrastructure software estimates are left unchanged.

On valuation, Caso sees room for Broadcom’s multiple to stay healthy without needing to stretch beyond its AI-era history. He values the stock at around 22 times his bull‑case earnings power of $18 per share, a discount to AVGO’s three‑year average multiple of about 25 times since the start of the AI spending cycle. That framework underpins his $400 price target and reinforces the broader StrongBuy stance from Wall Street. Never miss a stock rating. Find all the latest ratings on TipRanks’ Top Wall Street Analysts page.