Broadcom Stock Could Reach $700 by 2030

Broadcom shares could reach $700 per share by 2030, a target that implies a 108.8% gain from the current price of $335.18. This projection rests on the company's aggressive revenue growth in artificial intelligence semiconductors and a valuation framework that assumes continued earnings expansion.

Broadcom reported fiscal Q3 revenue of $29.59 billion, an increase of 85.5% year over year. Within that total, AI semiconductor revenue accounted for $16.70 billion. Despite these figures, the stock is down 2.41% year to date, while the S&P 500 has risen 12.87%. Shares fell 5.3% over the past week and 5.9% over the past month. The divergence between the company's fundamental performance and its market price creates a gap that analysts are attempting to bridge.

Valuation metrics present a mixed picture. The stock currently trades at a forward P/E of 18x, which appears low relative to Q3 non-GAAP EPS growth of 96% year over year. However, reaching a $700 price point would require a forward P/E of 38x based on forward EPS of $18.376. The consensus analyst target is $527.59, suggesting 57.4% upside from current levels. A breakdown of analyst ratings shows seven strong buys, forty buys, three holds, and zero sells.

CEO Hock Tan stated that Broadcom is on target to exceed $30 in earnings per share in fiscal 2028. If the company achieves that EPS figure, a $700 stock price would trade at a multiple of just 23x. Management expects AI semiconductor revenue to approximately double to $115 billion in fiscal 2027 and reach $230 billion in fiscal 2028. These projections are supported by multi-tens of billions of dollars in annual deals with Alphabet for Google TPU deployments and OpenAI installations exceeding 5 gigawatts in 2028.

Risks to this thesis include margin compression and supply chain constraints. Q3 gross margin was 75%, down 210 basis points sequentially, with Q4 guidance around 73% due to memory-heavy product mix. Tan noted that the vast majority of compute demand originates from a concentrated group of frontier model developers. Additionally, shortages in wafers, high-bandwidth memory, power infrastructure, or data center shells could delay deployments. The stock carries a beta of 1.476, meaning it moves more sharply than the broader market in both directions.

Over the past decade, Broadcom has delivered returns of 2396.48%, compared to 259.69% for the S&P 500. The current price sits between a 52-week low of $288.95 and a high of $493.28. For the $700 target to materialize by 2030, AI revenue must meet fiscal 2027 outlooks, EPS must surpass $30 in fiscal 2028, and operating margins must remain near 66%. A significant reduction in hyperscaler spending would undermine these assumptions.