KeyBanc Raises Broadcom (AVGO) PT, Keeps Overweight Rating

Broadcom Inc. (NASDAQ:AVGO) is one of the 10 Most Profitable Stocks of the Last 5 Years. On September 30, KeyBanc Capital Markets kept an Overweight rating for Broadcom Inc. (NASDAQ:AVGO) and increased its price target from $400 to $420.

This update reflects a big upward revision by the firm for CowWos CoWoS (Chip on Wafer on Substrate) supply in 2026. KeyBanc now expects supply to reach 190,000 units in 2026, which would represent an increase of more than 160% compared to last year. This growth in supply is expected to be mainly because Broadcom Inc. (NASDAQ:AVGO) will keep its 100% share for Google’s Tensor Processing Unit (TPU) franchise through 2026 because MediaTek’s TPU7e has been delayed.

According to KeyBanc, TPU shipments could more than double in 2026 as Google plans to make the chip available for a wider range of workloads, which is expected to further strengthen Broadcom Inc.’s (NASDAQ:AVGO) position in the AI chip industry.

Broadcom Inc. (NASDAQ:AVGO) is an American multinational technology company that designs, develops, and supplies a variety of semiconductor, enterprise software, and security solutions.

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