TLDR
- Broadcom received its highest price target ever at $460 from KeyCorp, suggesting up to 32% upside potential from current levels.
- Over 60% of recent analyst price targets put Broadcom at $400 or higher, with the consensus target sitting at $372.
- Following the 10-gigawatt OpenAI deal, recent October analyst targets average $423, up from the overall consensus.
- Broadcom’s AI semiconductor revenue grew 63% last quarter to $5.2 billion, though this remains less than one-fifth of NVIDIA’s data center revenue.
- Suncoast Equity Management increased its Broadcom position by 47,626 shares in a recent transaction.
Broadcom shares are getting some serious attention from Wall Street. KeyCorp just handed the chip designer its highest price target ever at $460. That’s a 32% jump from where the stock closed on October 20 at around $349.
The timing makes sense. Broadcom landed a 10-gigawatt deal with OpenAI that sent the stock up nearly 10% on October 13. Analysts have been scrambling to update their targets ever since.
KeyCorp’s $460 target replaced its previous $420 forecast from September 30. Barclays also joined the party with a $450 target. These are the two most bullish calls on the stock right now.
The overall consensus price target sits at about $372. That’s only 7% upside from current levels. But here’s where it gets interesting.
The more recent the analyst update, the higher the target tends to be. Analysts who updated in September averaged $383. Those who updated on or after October 13 jumped to an average of $423.
That October average implies 21% upside. Not bad for a stock that’s already up 52% in 2025 and nearly 170% since April lows.
Wall Street Goes Big on $400
Out of roughly 20 price targets tracked since early September, 13 now sit at $400 or higher. That’s over 60% of recent calls suggesting at least 14% upside from here.
Only one analyst sees downside. Wells Fargo put a $345 target on the stock, implying just 1% downside. The rest of Wall Street is betting on gains.
The OpenAI deal is driving much of this enthusiasm. Deutsche Bank analysts think Broadcom could pull in over $100 billion throughout the three-year partnership. Split evenly, that’s $33 billion per year from this deal alone.
That would represent a 150% increase in AI semiconductor revenues. Last quarter, that business generated an annual run rate of just under $21 billion.
Chasing NVIDIA’s Lead
Broadcom’s AI semiconductor revenue grew 63% last quarter to $5.2 billion. That’s faster than NVIDIA’s 56% data center revenue growth to $41.1 billion. Looks like Broadcom is gaining market share, right?
Not quite. NVIDIA lost $4 billion in H20 chip sales due to China export restrictions. Without that hit, NVIDIA’s growth would have been 71%.
Broadcom’s AI revenue is still less than one-fifth of NVIDIA’s data center business. The gap remains wide.
Meanwhile, Suncoast Equity Management recently increased its Broadcom position by 47,626 shares. The hedge fund clearly sees value here.
NVIDIA still commands more Wall Street love overall. Its consensus target implies 21% upside, matching Broadcom’s recent October average. But NVIDIA’s most bullish $320 target suggests 75% upside potential.
Broadcom shares closed around $349 on October 20. The stock has provided strong returns this year and analysts expect more gains ahead.
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