Broadcom Shares Drop After Weak Q3 Outlook Despite Record Q2 Revenue

Broadcom reported record second‑quarter revenue of $22.2 billion for the fiscal year ending May 2026, with AI‑related semiconductor sales jumping 143 % year‑on‑year. However, the company’s guidance for the current quarter fell short of analyst expectations, triggering a sharp sell‑off. The stock slipped from around $500 per share before the release to approximately $382, breaking the $400 support level and prompting concerns that the price could test the $350‑$360 zone.

Despite the price decline, several analysts maintained bullish positions. Jefferies kept a “buy” rating and raised its target to $550, JPMorgan remained “overweight” with a new target of $580, and Goldman Sachs lifted its target to $525. A Seeking Alpha author also reiterated a hold stance, citing strong fundamentals but noting heightened expectations and customer concentration risk, and set a five‑year price objective of $707.