Wolfe Research analyst Chris Caso upgraded Broadcom (AVGO) to Outperform from Peer Perform with a $400 price target Channel checks suggest the company will ship 7mn tensor processing units by 2028, with other projects “creating optionality for numbers,” the analyst tells investors in a research note. Wolfe’s bull case for which Broadcom, which includes a doubling of its artificial intelligence revenue in 2027, yields $18 of earnings per share. Its price reflects 22-times this earnings power. “We can no longer ignore” Broadcom’s growth and competitiveness in tensor processing units, says the firm.
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