RBC Capital analyst Srini Pajjuri initiated coverage of Broadcom (AVGO) with a Sector Perform rating and $370 price target. TPUs appear to have a lot of momentum in the near term, but the sustainability of the Anthropic ramp is a question mark and the timing and magnitude of the OpenAI opportunity is “less clear,” the analyst tells investors. Additionally, valuation is at a 25% premium to Nvidia (NVDA) even after the recent pullback, the analyst highlights.
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