Morgan Stanley Raises Broadcom Price Target to $502

Morgan Stanley analyst Joseph Moore raised the price target on Broadcom Limited (NASDAQ: AVGO) to $502.00 (from $485.00) while maintaining a Overweight rating.

“AI revs essentially in line for April and slightly lower for July – but 40% q/q growth in AI is not disappointing Next year’s “well above $100 bn” is stronger, but not enough so to change that language; our $118 bn feels reasonable.

Risk of competitive loss to Mediatek/customer owned tooling is in line with our views; expect AVGO to maintain 80% share of its ASIC SAM as mgmt has said EPS, PT higher; reiterate OW.

See value in the core compute names NVDA and AVGO, which have been left behind by stocks with less AI exposure.”

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