Broadcom initiated with an Outperform at Macquarie

Macquarie initiated coverage of Broadcom (AVGO) with an Outperform rating and $420 price target Broadcom’s ASIC technology is growing faster than GPU, driven by adoption among hyperscalers and vertical AI markets, the analyst tells investors in a research note. Additionally, Broadcom holds a near-monopoly in AI ASIC and cloud networking solutions, with leading positions in Ethernet switching, routing, and SerDes IP, the firm says.