Despite Broadcom (NASDAQ: AVGO) stock being on a rather decisive downtrend since early June, Wall Street analysts have, time and time again, reiterated their confidence in the equity’s upside potential.
On September 10, David O’Connor from Piper Sandler initiated coverage of AVGO shares with a ‘Buy’ rating and a bullish $460 price target: 26.24% above the latest close of $364.38 and slightly short of the 52-week $495 high.
The custom ASIC contracts and Broadcom’s strong networking attach provide particular fuel to the bullish outlook, and the institutional analyst opined that the firm is a winner on the artificial intelligence (AI) inference and hyperscaler sides.
Analysts predict AVGO stock price in the next 12 months
Meanwhile, despite the $460 price target for the next 12 months being high relative to the latest close and given the performance over the summer, it is far from an outlier on Wall Street.
Indeed, at press time on September 10, the average forecast stands at $519.21, meaning major institutional experts are anticipating a sharp reversal in the performance of AVGO shares and a 42.49% upsurge.
Additionally, the overall ‘Strong Buy’ rating and the high price targets appear not to be artefacts of the aggregator platform TipRanks taking into account all notes issued within the last three months.
Specifically, the vast majority of September revisions have been bullish, and Rosenblatt assigned its highly optimistic Broadcom price target of $600 as recently as September 3.
2026 Broadcom stock price performance
Lastly, while AVGO shares are, at $364.38, 4.82%in the green year-to-date (YTD), their recent weakness cannot be overstated.
After climbing toward $500 at the start of June, Broadcom suddenly reversed, and though the most dramatic phase of the plunge was brief, it inaugurated a protracted downtrend that has held firm – barring a temporary mid-August rally – since.
Crucially, while the company’s latest quarterly filing proved strong enough to trigger a deluge of positive Wall Street analyst ratings and AVGO price target revisions, it apparently failed to move the needle among investors.
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