KeyBanc Capital Lifts Broadcom Inc. (AVGO) Price Target amid Growing AI Opportunity

Broadcom Inc. (NASDAQ:AVGO) is one of the best stocks to buy right now, according to Nancy Pelosi. On September 30, KeyBanc Capital Markets reiterated an ‘Overweight’ rating on the stock and raised its price target to $420 from $400.

The price target hike comes on the research firm being impressed by the upward revisions in Chip on Wafer on Substrate supply for 2026. The company is well-positioned to supply 190,000 units, representing a 160% year-over-year increase, driven by its continued 100% share of Google’s Tensor Processing Unit (TPU) franchise through 2026.

In addition, the research firm expects the Tensor Processing Unit supplies to more than double next year as Google moves to make them available for various workloads. The push is expected to strengthen the company’s competitive edge in the artificial intelligence market. Additionally, the company is well-positioned to capitalize on OpenAI’s ramp-up of AI ASIC demand in the second half of the year, with demand expected to be between 400,000 and 500,000 units.

Broadcom Inc. (NASDAQ:AVGO) is a global technology company that designs, develops, and supplies category-leading semiconductor and infrastructure software products for markets like cloud, data center, networking, and wireless. Its diverse product portfolio includes data center switches, routers, wireless connectivity solutions, data center and enterprise software, as well as cybersecurity tools.

While we acknowledge the potential of AVGO as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.