Melius Research cuts Broadcom price target to $450 from $610

Melius Research cut its price target on Broadcom (AVGO) to $450 from $610, citing growing concerns over the chipmaker's reliance on Google. The downgrade reflects worries that Broadcom's AI chip business faces potential volatility tied to its dependence on Google as a key customer. The revised target implies a substantially lower valuation than the prior $610 estimate, signaling analyst caution on the stock's near-term outlook. The move matters because Broadcom is a major supplier of custom AI accelerators, and shifts in analyst sentiment can influence broader AI semiconductor positioning. Investors will watch for further analyst revisions and any updates on Broadcom's customer concentration and AI chip order pipeline.