One of Wall Street’s most closely watched semiconductor analysts just moved his price target ahead of an earnings report that could define how the AI chip trade is valued for the rest of the summer.
The note he published does more than raise a number
It lays out a specific projection for one company’s AI revenue through 2028 that most investors are not yet working with. Citi raises Broadcom target ahead of Q2 fiscal 2026 earnings Citi analyst Atif Malik raised his price target on Broadcom to $500 from $475 on May 12, maintaining a buy rating as part of an earnings preview note, TipRanks reported. The raise came alongside Citi explicitly designating Broadcom as its top semiconductor pick for 2026, according to The $500 target is based on 20 times Citi’s fiscal 2028 EPS estimate of $25, rolling forward from the prior fiscal 2027 base to reflect what Malik described as increased earnings visibility.
Broadcom reports fiscal second-quarter earnings on June 3, covering the April quarter. Malik models both the April-quarter and July-quarter sales and EPS modestly above consensus, driven by stronger AI demand, Investing.com confirmed. Citi’s AI revenue forecast for Broadcom through 2028 The most substantive part of Citi’s note is its multi-year AI revenue projection for Broadcom.