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Mizuho Securities has raised its price target on Broadcom Inc. (NASDAQ: AVGO), highlighting accelerating momentum in the company’s artificial intelligence business and a rapidly expanding long-term backlog. The brokerage reiterated its “Outperform” rating and increased its price target to $450 from $410, naming Broadcom as its top pick in the semiconductor sector as AI ASIC growth and a deepening customer pipeline continue to drive upside potential.
According to Mizuho analysts, Broadcom delivered solid results for the October quarter and issued an upbeat outlook for the January quarter. The company guided revenue to approximately $19.1 billion for the January quarter, representing about 6% quarter-on-quarter growth. AI-related revenue is expected to rise sharply to roughly $8.2 billion, marking a 26% sequential increase and underscoring Broadcom’s growing importance in the AI chip market.
In the October quarter, Broadcom generated around $6.5 billion in AI revenue, up 25% quarter-on-quarter. Non-AI semiconductor revenue also showed strong performance, climbing 19% to approximately $4.7 billion. These results reflect robust demand across both AI compute and networking solutions, supported by hyperscaler investments and Broadcom’s diversified product portfolio.
One of the most notable highlights was Broadcom’s backlog, which expanded significantly to $162 billion from $110 billion previously. Of this total, about $73 billion is tied directly to AI. Mizuho noted that Anthropic’s orders doubled to around $21 billion, while the ramp-up of a fifth large AI customer further strengthened visibility. Looking ahead, analysts estimate that Broadcom’s fiscal 2026 AI revenue could surge 126% year over year to roughly $45 billion, well ahead of current market expectations. Additional upside is seen for fiscal 2027 if OpenAI becomes Broadcom’s sixth major customer.
Mizuho added that Broadcom remains the fastest-growing supplier in AI compute and networking, benefiting from strong scale-up networking demand and continued adoption of copper-based architectures by hyperscalers. This combination of accelerating AI revenue, expanding backlog, and blue-chip customers positions Broadcom as a key long-term winner in the global AI semiconductor race.
