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UBS's Timothy Arcuri lowered their price target on Broadcom (NASDAQ: AVGO) by 1% from $490 to $485 on 2026/06/04. The analyst maintained their Strong Buy rating on the stock.

Broadcom reported its Q2 2026 earnings.

With order demand strong, Arcuri expressed disappointment with management's decision not to increase its AI revenue guidance for FY 2026 or 2027.

The analyst attributed management's approach to supply constraints, but noted that the continued expansion of custom ASIC partnerships bodes well for future growth prospects.

Earnings Report

For Q2 2026, Broadcom reported:

• EPS of $2.44, which beat the Zacks Consensus Estimate by 1.67% and Q2 2025's $1.58.
• Revenue of $22.19B, which beat the Zacks Consensus Estimate by 0.68% and was up 48% Y/Y.

For Q3 2026, management guided:

• Revenue of $29.4B, representing 84% Y/Y growth.

President & CEO Hock Tan commented: "Broadcom achieved record revenue, operating profit and free cash flow in Q2 driven by accelerating growth in AI semiconductor revenue and strong operating leverage.

"Q2 semiconductor revenue from AI of $10.8 billion grew 143% year-over-year, above our forecast, driven by increasing demand for custom AI accelerators and AI networking.

"The momentum continues and in Q3 we expect semiconductor revenue from AI to grow over 200 percent year-over-year to $16.0 billion."