AVGO: Takeaways from Virtual Meeting with Management

Research evidence excerpt

AVGO: Takeaways from Virtual Meeting with Management

Semiconductors

BROADCOM INC. (AVGO) July 8, 2026

AVGO: Takeaways from Virtual Meeting with Management Rating:

OutperformWe hosted AVGO management for a virtual meeting, covering a variety of topics. We Price:

found management to be very confident in FY27 demand, and for significant growth $370.78

in FY28 as well. Management believes unconstrained demand remains considerably Price Target:

$500higher than what's currently reflected in FY27 guidance. We think a significant part of

% Upside:

AVGO's FY28 growth is likely to be driven for the recently announced XPV financing 34.9%

vehicle. Management appeared very confident that there is ample demand for the

debt/equity associated with the XPV, thereby driving confidence that the full 20GW or Source: FactSet, Wolfe Research

Priced as of 07/07/26

more would be financed (with deployment of course subject to capacity constraints).

Management also addressed the "COT" question, defending their competitive moat.

While AVGO didn't provide specific details due to customer confidentiality, they

underscored the technical challenges and expertise in building XPUs, which they don't

think can be replicated by competitors quickly (while also pointing out some of the

Chris Caso

struggles some of their competitors have suffered). We think this is likely the largest ccaso@wolferesearch.com

company-specific investor concern for AVGO now - the depth of their competitive (646) 582-9360

View Chris’s Researchmoat. View AVGO Model

Our bull case is focused on the opportunity for FY28, and we agree with View Comp Table

management's view that the opportunity is significantly larger than what's reflected Liz Pate

in estimates for FY27.