Citi Elevates Broadcom (AVGO) as Top Semiconductor Pick for 2026

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2026-05-12 22:42:02

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Citi has increased its price target on Broadcom to $500 from $475, maintaining a Buy rating ahead of the company's Q2 earnings report on June 3. Analyst Atif Malik, ranked among Wall Street's top performers, projects modest upside to consensus estimates, driven by sustained AI demand. Broadcom's AI revenue is expected to surge from 49% of total sales today to 81% by fiscal Q4 2028, with six major clients including Google, Meta, and OpenAI.

The $500 target reflects a 20x multiple on Citi's fiscal 2028 EPS estimate of $25, signaling confidence in long-term earnings visibility. Google and Anthropic alone could contribute $80 billion in AI-related revenue. Despite Tuesday's 4% pullback to $410, the Street maintains a Strong Buy consensus with a $468.79 average target.

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