Sometimes the most interesting analyst moves aren’t the regular clean upgrades but the ones that look different. A good example is what we see in Broadcom. The analyst firm cut a number, raised a target, and somehow made the bull case stronger in the process.

UBS raised its price target on Broadcom (AVGO) to $490 from $475 while maintaining its Buy rating. That happened even after significantly reducing its Anthropic-related revenue estimates. The reason? The deal structure changed. And in doing so, it may have quietly improved the quality of Broadcom’s AI revenue, not just the quantity.

Broadcom CEO Hock Tan had already set an aggressive tone in March. “Our AI revenue growth is accelerating,” he said in a company statement,…