Piper Sandler renewed coverage of Broadcom with a Buy rating and a $460 price target, describing the company as the leading supplier of application-specific integrated circuits, or ASICs, for AI inference. The firm estimates Broadcom holds a 75% share of the market and sees more than 25% upside from current levels, citing its co-design relationships with hyperscalers and AI labs, including Google, Meta and OpenAI. The call follows Piper Sandler's broader AI semiconductor coverage, which also favored AMD, Arm Holdings, Marvell Technology and Nvidia. Jim Cramer, whose charitable trust owns Broadcom, said the portfolio had aggressively reduced its position before the company's latest quarterly results and retained a hold-equivalent rating after lowering its target to $430 from $480. Broadcom shares fell nearly 3% on Sept. 3 after investors focused on supply constraints affecting management's fiscal 2027 outlook, despite stronger-than-expected earnings, revenue and a multiyear forecast for its custom AI-chip business.