Overview

• KeyBanc kept an Overweight rating and raised its Broadcom price target to $420 after revising its 2026 CoWoS supply forecast to about 190,000 units, a jump of more than 160% year over year.
• The firm ties its outlook to Broadcom keeping a 100% share of Google’s TPU franchise through 2026 and projects TPU shipments could more than double as Google expands supported workloads.
• Broadcom posted record fiscal third-quarter revenue of $15.9 billion, with AI-related revenue up 63% year over year to $5.2 billion, highlighting strong data-center demand.
• Broadcom shares have climbed roughly 90% over the past year, with analysis spotlighting custom AI accelerators (ASICs/XPUs) and data-center networking as key growth drivers relative to general-purpose GPUs.
• Investor sentiment remains positive, with Jim Cramer saying it “wouldn’t hurt” to buy more and noting Broadcom is his trust’s largest position, while fund managers cite persistent demand for custom accelerators.