Broadcom buy call: $429.85 target, $361.54 close

Broadcom's fiscal Q3 revenue of $29.59 billion, up 85.5% and ahead of the $29.44 billion consensus, came with non-GAAP EPS of $3.32 against estimates of $3.24 — the 9th straight beat. AI semiconductor revenue rose 221% to $16.70 billion. Despite that, the stock sits between a 52-week high of $493.28 and a low of $288.95, up only 3.68% year to date, with recent selling tied to concerns over AI-related borrowing that MarketWatch described as a credit scare hitting Broadcom and Oracle.

The buy case leans on order flow running far ahead of shipments: on the fiscal Q2 call, management reported AI bookings of over $30 billion and said 'our visibility runs all the way to 2028 right now.' Cash generation offsets much of the balance-sheet concern — quarterly free cash flow was $13.66 billion, or 46% of revenue — and the bear case of $378.91 still sits above Friday's close.

Broadcom's own multi-year price target ladder runs from $381.83 in 2026 to $567.74 in 2030, assuming it keeps executing on its XPU and networking roadmap. The Q4 AI revenue guide of $21.7 billion is the near-term checkpoint, and whether credit worries lead hyperscalers to delay orders is the key risk to monitor.