《大行》瑞銀升博通(AVGO.US)目標價至290美元 維持「買入」評級
瑞銀發表研究報告,認為博通(AVGO.US)是明確的AI贏家,對博通維持「買入」評級,並將目標價從270美元上調至290美元。
報告提及,博通在電話會議上對AI需求的評論非常樂觀,遠期增長評論支持2026年收入比市場預期高出約10%。這進一步強化了瑞銀對博通2026年每股盈利預測約9美元、2027年可能達10美元的看法。然而,短期內的問題在於,投資者預期早已在此範圍內(有些對2027年的預期更高),因此瑞銀不預期這組非常正面的業績會帶來大幅上漲。此外,毛利率指引似乎暗示隨著v6p的快速增加,Google TPU的毛利率將顯著下降。
瑞銀認為,短期之外,博通可能在多個方面勝出,因為超大規模客戶尋求使用客製化ASIC晶片(該行認為絕大多數將由博通製造)或AMD與NVDA GPU建立大型異構運算集群。博通利用乙太網路將這些整合的機會也應隨這些解決方案擴展,且博通因其在市場的現有主導地位,從集群到集群的擴展中也將受益。
總體而言,瑞銀僅略微上調博通數字,將目標價調整至290美元,維持「買入」評級,但也認為短期內,鑑於投資者預期已處於高位,股價可能會盤整近期的一些漲幅。
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