Bank of America sees more room for Broadcom to run, with its sales growth likely to double as a result of the artificial intelligence craze. Analyst Vivek Arya hiked his price target by $150 to $2,150 while reiterating his buy rating and top-pick designation. Arya’s new target implies that shares of the semiconductor stock can rally around 30% from last week’s closing level. A key part of Arya’s call is sales growth approximately doubling to a compound annual rate of around 13% between the 2024 and 2026 fiscal years. This will be propelled by a 24% compound annual growth rate in the AI-connected silicon and VMWare businesses, he said. These units should soon account for more than half of total company sales. “In our view, AVGO’s diverse growth drivers, highly regarded management team, and unique track-record of capital appreciation, dividend growth and above mkt. div yield can justify a premium multiple,” Arya wrote to clients. Additionally, the analyst said the stock has seen a transformation from value to growth. Arya’s new price target is based on a multiple of 35 times earnings in the 2025 calendar year, though he noted that’s still within the range set by peers of between 18 and 37. He warned that any shifts in the sentiment or fundamentals around AI in the business could impact the stock’s performance. Shares have soared more than 45% this year as AI has captured the interest of traders. With that gain, the stock has outperformed both the iShares Semiconductor ETF (SOXX) and tech-heavy Nasdaq Composite .