AVGO F2Q26: No change to FY27 AI semis guidance

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AVGO F2Q26: No change to FY27 AI semis guidance

Semiconductors

Semiconductor Devices - Market Overweight

BROADCOM INC. (AVGO) June 4, 2026

AVGO F2Q26: No change to FY27 AI semis guidance Rating:

Outperform

The Wolfe Byte Price: $479.23

AVGO beat F2/F3Q revenue but maintained FY27 AI semis guidance of >$100bn. Price Target:

Non-AI semis & Software continue to exhibit strength. We model ~$130bn AI $500

semis revenue in FY27, driven by diverse AI semis strength, and see a path to ~ % Upside:

4.3%$25 bull case EPS. Reit OP, $500 PT.

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AVGO reported revenue of $22.2bn, slightly above Street, while EPS of $2.44 was Company Information

$0.04 ahead. F3Q revenue guidance was $29.4bn, ~4% above the Street. 52-Week Range $244 - $482

We however think $16bn JulQ AI guidance was a bit light of expectations. AVGO Market Cap. (MM) $2,268,995 Enterprise Value (M) $2,394,359

however didn’t change FY26 AI guidance (~$56bn), so we think the difference was Shares Out. (MM) 4,734.7

simply street mismodeling. Avg. Value Traded (MM) $18,418.78

SI% of Float 1.1%

For FY27, AVGO reiterated last quarter's commentary – more than $100bn AI revenue FCF Yield 2.4%

Days to Cover 2.9

for FY27, with 10GW of shipments. Our view is that AVGO is taking a different Dividend Yield 0.5%

approach to guidance vs. some others (such as MRVL) choosing to not incrementally

raise out year guidance. Management’s tone is that the AI business remains strong Price Performance

(and getting stronger), but they are choosing not to quantify by how much they expect AVGO 39%YTD 94%LTM

to exceed $100bn AI revenue next year. SOX 94% 184%

S&P 500 11% 28%

Where we think the message improved is for FY28, though formal guidance was not

yet provided.