Broadcom price target raised to $400 from $350 at Cantor Fitzgerald

Cantor Fitzgerald analyst C.J. Muse raised the firm’s price target on Broadcom (AVGO) to $400 from $350 and keeps an Overweight rating on the shares. Broadcom positively surprised with the announcement of a fourth AI custom silicon customer and a vision for AI revenues to exceed 50%-60% growth in fiscal 2026, the analyst tells investors in a research note. The firm believes the initial three customers for the AI custom silicon are Google (GOOGL), Meta (META), and ByteDance, and thinks the fourth customer is OpenAI. Cantor notes “muted” capital returns in the quarter and expects more aggressive behavior in the quarters ahead.