Broadcom(US:AVGO) 智通财经网·2025-12-12 15:40Core Viewpoint - Broadcom (AVGO.US) has garnered significant attention on Wall Street following its latest earnings report and guidance, receiving high praise from multiple investment banks, despite a subsequent drop in stock price due to investor concerns over potential margin pressures [1] Group 1: Earnings Performance - The company's quarterly performance was described as "very strong," with a notable short-term upward potential for earnings, as the number of clients increased from three to five [1] - Broadcom's AI-related revenue continues to exceed expectations, driven by positive developments related to TPU v7, although this advantage is somewhat offset by weakness in non-AI semiconductor business [1] - The overall revenue and earnings per share guidance provided by the company significantly surpassed previous forecasts, with AI revenue guidance for the January quarter exceeding expectations by approximately 20% [1] Group 2: Analyst Insights - Morgan Stanley analyst Joseph Moore maintained an "Overweight" rating on Broadcom, raising the target price from $443 to $462 based on the company's performance [1] - Moore expressed caution regarding large orders from Anthropic, which include approximately $10 billion in orders and an additional $11 billion in follow-up orders, noting that this sales model could significantly lower Broadcom's overall gross margin [2] - Jefferies analyst Blayne Curtis also raised Broadcom's target price, highlighting the ongoing expansion of the company's AI narrative and the signing of a fifth unnamed client for a multi-year custom XPU project [3] Group 3: Future Outlook - The management indicated that the backlog of AI orders deliverable within the next 18 months is approximately $73 billion, suggesting potential revenue decline risks in the first half of 2027 [3] - Despite concerns about the sustainability of the business model, particularly regarding future orders from Anthropic, there is optimism about securing new orders in the upcoming period [3] - Wells Fargo analyst Aaron Rakers emphasized the accelerating momentum in Broadcom's AI business, raising the target price from $345 to $410 based on the growth in order backlog [4]