Broadcom Inc. (AVGO) is reaffirmed as a STRONG BUY with a $604 base case price target, reflecting robust AI revenue durability. AVGO's AI revenues are underpinned by multi-year, signed commitments, with FY27 and FY28 AI revenue guidance at ~$115B and ~$230B, respectively. Three reinforcing moats—custom-silicon design, near-monopoly in AI networking, and VMware-driven software—support AVGO's long-term compounder thesis.
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