HSBC Raises Price Target on Broadcom (AVGO) to $400 From $240, Upgrades it to Buy

Broadcom Inc. (NASDAQ:AVGO) is one of the 13 Best Long Term Growth Stocks to Invest in Right Now. On June 24, HSBC made a notable improvement in its price target for Broadcom Inc. (NASDAQ:AVGO), nearly doubling it from $240 to $400. Analyst Frank Lee upgraded the stock to Buy, expressing bullish sentiments for the company’s AI chip revenues and stating that they are likely to “significantly beat market expectations.” The notable price target hike implies significant potential for Broadcom Inc. (NASDAQ:AVGO) ahead.

HSBC was previously less bullish on the stock because of its concerns about Apple’s share loss in the wireless segment and wanted better visibility into the Application-Specific Integrated Circuit customer pipeline.

The analyst told investors in a research note that it turned bullish on Broadcom Inc. (NASDAQ:AVGO) because it expects its ASIC revenues to considerably exceed market expectations, supported by pricing power and better ASIC project visibility.

Broadcom Inc. (NASDAQ:AVGO) is a leading multinational technology company specializing in semiconductor and infrastructure software products.

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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