Broadcom (NASDAQ: AVGO) shares are up nearly 5% on Friday, March 6, following stronger-than-expected quarterly results. 

The firm reported first-quarter 2026 revenue of $19.31 billion, slightly above the $19.18 billion forecast. Meanwhile, earnings per share (EPS) came in at $2.05, topping expectations of $2.03. 

Investors were also encouraged by Broadcom’s guidance. Indeed, the company expects 2027 revenue to exceed $100 billion thanks to its chips and silicon used in artificial intelligence (AI).

Unsurprisingly, given the results, Wall Street is already starting to upgrade its outlook on the semiconductor company.

Wall Street bullish on Broadcom

J.P. Morgan analyst Harlan Sur raised its Broadcom stock price target, pushing it up from $475 to $500 from, while keeping an ‘Overweight’ rating and arguing for continued upside in the AI semiconductor segment. 

At Baird, analyst Tristan Gerra also lifted his price target from $420 to $630 while maintaining a ‘Buy’ rating, citing stronger-than-expected AI revenue guidance for 2026–2027 and multiple new AI customer deployments. Gerra also mentioned Broadcom’s leadership in custom ASIC chips and a ramp in networking products.

Meanwhile, Bernstein analyst Stacy Rasgon raised his target to $525 from $475, noting that semiconductor performance exceeded expectations despite software coming in slightly below forecasts.

Also worth mentioning is Rosenblatt Securities’s Kevin Cassady, who raised his AVGO share price target from $450 to $500 while maintaining a ‘Buy’ rating, pointing to the company’s solid earnings and promising outlook. Specifically, the firm said that Q1 fiscal 2026 results met expectations, while its Q2 revenue guidance came in about 10% above consensus.

New Broadcom price target

With these price increases taken into consideration, the average Broadcom stock price target for the next year has gone up to $457.89. This equals a rally of more than 37%, judging by thirty-one analyst notes that have come in on TipRanks since December last year.

The new price revisions and optimism generated by the earnings reports appear to suggest that the patience displayed by institutional experts during the early 2026 turmoil has paid off. Broadcom now enjoys the status of a ‘Strong Buy,’ and its rally could suggest that Wall Street experts and investors are becoming more confident in artificial intelligence in 2026. 

Featured image via Shutterstock