交银国际给予博通(AVGO.US)买入评级，目标价425美元。公司AI半导体收入有望在2025-27财年实现 87% CAGR，受益于xPU ASIC加速芯片与AI通信网络双轮驱动。VMware整合超预期，提升软件协同与 盈利稳定性。预计2027财年Non-GAAP EPS达12.00美元，业绩增长能见度高。目标价425美元，对应 2026/27财年45/35倍PE。 ...

Core Viewpoint - The report from CMB International initiates coverage on Broadcom with a "Buy" rating and a target price of $425, highlighting its significant exposure to artificial intelligence revenue growth by 2026 [1] Group 1: Revenue Growth Projections - Broadcom is expected to be the second-largest company in terms of AI exposure among those covered by CMB International, with a projected compound annual growth rate (CAGR) of 87% in AI semiconductor revenue from fiscal years 2025 to 2027 [1] - The company is also anticipated to achieve a 33% CAGR in earnings per share during the same period [1] Group 2: Market Sentiment and AI Potential - CMB International addresses concerns regarding a potential AI bubble, suggesting that the market has not fully accounted for the future revenue potential from AI [1] - The firm expresses optimism about Broadcom's performance growth prospects driven by AI, indicating high visibility for earnings growth by 2027 [1]