Broadcom (AVGO) stock is down 6.6% over the past year, closing at $321.68 on October 23, which is 32.9% below its $479.23 close on June 3. A spring rally that followed the April deal to supply Google's TPUs reversed after a 12.59% drop on June 4, which came after second-quarter revenue landed slightly below expectations, and an October chip selloff added further pressure. Fiscal third-quarter revenue rose 86% to $29.6 billion and AI chip revenue climbed to $16.7 billion, but fourth-quarter revenue guidance of $34.8 billion came in slightly below consensus. Management raised its fiscal 2026 AI revenue outlook to $58 billion, and normalized EPS estimates rise from $6.82 in fiscal 2025 to $30.38 in fiscal 2028. The Street's mean price target is $529.10, 64.5% above the October 23 close.
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