Overview

• KeyBanc kept an Overweight rating and raised Broadcom’s target to $420 in a move disclosed on Sept. 30 and highlighted in new reports.
• The firm now models 190,000 units of CoWoS packaging supply in 2026, representing growth of more than 160% from last year.
• KeyBanc expects Broadcom to retain 100% of Google’s TPU franchise through 2026 due to a reported delay to MediaTek’s TPU7e.
• Its forecast also calls for Google’s TPU shipments to more than double in 2026 as the chips are deployed for a broader set of workloads.
• Investor optimism remains elevated, with Jim Cramer reiterating that buying more Broadcom “wouldn’t hurt,” citing conviction in the story.