Broadcom Secures $460 Price Target, Implying +30% Upside

Key Points

• Broadcom just signed a huge deal with ChatGPT maker OpenAI.
• Wall Street analysts raised their price targets in response. Most recent forecasts predict that shares will reach or exceed $400.
• The stock's most bullish target implies more than 30% upside potential. Its most bearish recent target suggests little downside.

After its massive 10-gigawatt (GW) deal with OpenAI, Wall Street analysts are again issuing big upgrades on semiconductor giant Broadcom NASDAQ: AVGO. The OpenAI news sent shares up by nearly 10% on Oct. 13.

Now, over 60% of recent price targets indicate shares will reach the never-before-seen $400 level.

Additionally, Broadcom has received its highest price target ever. 

Let’s dive into Broadcom’s latest price target data and examine how high and how low analysts believe shares may move. 

AVGO’s Most Bullish Target Eyes Up to 32% Upside in Shares

The MarketBeat-tracked consensus price target on Broadcom sits at approximately $372. This figure implies modest upside in shares of around 7%, but is above Broadcom’s all-time closing price of $369. However, the more recently an analyst updated their price target, the more bullish they tend to be.

For example, among analysts whose last update came in September, the average target moves up to $383. Among analysts who last issued an update on or after Oct. 13, that figure moves up massively to $423.

With shares closing at around $349 on Oct. 20, this figure implies an impressive upside potential of 21%. Although not groundbreaking, this potential is encouraging for a stock that has risen as much as Broadcom. Shares have provided a total return of 52% in 2025 and nearly 170% since Liberation Day lows in April.

Broadcom also received two particularly high price targets from Barclays and KeyCorp. Their respective $450 and $460 targets suggest that Broadcom shares could rise by between 29% and 32%. KeyCorp’s top target replaces its previous $420 target from Sept. 30, which tied for Broadcom’s highest at the time.

The Majority of Recent Targets See Broadcom Going to $400 or Higher

Notably, none of Broadcom’s October price targets exceed $400. Ultimately, out of approximately 20 Broadcom price targets tracked by MarketBeat since the beginning of September, 13 now come in at $400 or higher. This number excludes multiple ratings that were not accompanied by a price target.

Overall, just under two-thirds of recent Broadcom price targets see at least 14% upside in shares. This is another factor supporting the stock’s ability to continue its impressive run.

Broadcom’s current valuation is also supported by the fact that only one of these analysts has a price target on the stock below its current price. This comes from Wells Fargo & Company, which places a $345 target on Broadcom.

Even though it is the most bearish recent target, it only implies a 1% downside. Recent analyst sentiment is positively skewed, indicating little downside and significant upside potential.

Broadcom May Be Catching Up, But It Still Trails NVIDIA on Multiple Fronts

Considering Broadcom’s OpenAI deal, it’s unsurprising that analysts have become so much more bullish on the stock. Based on energy consumption, Broadcom’s deal was equal to the 10 GW partnership NVIDIA NASDAQ: NVDA inked with OpenAI.

This shows that OpenAI sees the company as essential to its artificial intelligence (AI) ambitions, and that NVIDIA won’t take all the spoils. It further cements Broadcom as the most important AI chip designer outside of NVIDIA. Deutsche Bank Analysts believe Broadcom could generate over $100 billion in revenue throughout its three-year OpenAI deal.

If the company generates $33 billion a year from the deal, this alone would imply a massive +150% jump in its AI semiconductor revenues.

As of last quarter, that business generated annual run-rate sales of just under $21 billion.

Evidence suggests Broadcom is gaining ground on Team Green regarding attracting AI spending. NVIDIA’s data center revenue grew by 56% last quarter to $41.1 billion. Meanwhile, Broadcom’s AI semiconductor revenue grew by 63% to $5.2 billion, indicating that its share of spending increased.

However, NVIDIA’s numbers also included a $4 billion decline in H20 chip revenues due to export restrictions on China. Had it kept these sales, NVIDIA’s data center growth would have been 71%, higher than Broadcom’s AI growth. Either way, Broadcom’s AI revenue is still less than one-fifth of NVIDIA’s data center revenue.

Despite Broadcom analysts' bullish sentiment, Wall Street clearly loves NVIDIA more. The MarketBeat consensus price target on NVIDIA implies around 21% upside, and its most bullish $320 target implies 75% upside. Additionally, the stock’s lowest target since the beginning of August is $200, which still indicates that shares will move higher.