By Wajeeh Khan
Publication Date: 2026-08-21 19:02:00
Broadcom (AVGO) shares inched higher on Friday after BMO Capital Markets initiated coverage of the semiconductor giant with an “Outperform” rating.
Citing artificial intelligence (AI) tailwinds, analyst Harsh Kumar set his price target for AVGO at $455, indicating potential upside of more than 25% from current levels.
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Kumar’s research note arrives at a time when Broadcom stock has pulled back amid a broader tech rout. At the time of writing, it’s down about 25% versus its year-to-date high.
Why BMO Is Bullish on Broadcom Stock
BMO’s bullish thesis is anchored in Broadcom’s increasingly important role in the AI infrastructure buildout.
Kumar described the company as the “leading AI supplier in custom ASIC (XPU) and networking,” highlighting the two businesses that sit at the heart of its AI opportunity.
The analyst is particularly bullish on the…
