Oppenheimer raised the firm’s price target on Broadcom (AVGO) to $450 from $435 and keeps an Outperform rating on the shares. The firm notes the company reported beat/raise results Thursday, with strength led by AI accelerators and networking. AI semi revenues in Q1 expected to be $8.2B, up 2 times year-over-year, fueled by Google (GOOG) TPU, Meta (META), and ByteDance. Oppenheimer also highlights that its $10B fourth customer is Anthropic, and that the company secured a $1B fifth customer, which the firm believes likely to be xAI.
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