Evercore ISI raised the firm’s price target on Broadcom (AVGO) to $370 from $342 and keeps an Outperform rating on the shares. The company “delivered a stellar quarter,” surpassing high expectations, and made “two major positive announcements,” namely Hock Tan’s commitment to remain as CEO through 2030 and a new $10B custom AI/XPU order. The $10B order from a new AI customer, reportedly OpenAI, underscores the company’s expanding influence beyond Google in the AI/XPU market, the analyst tells investors.
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