Broadcom Limited (AVGO) PT Raised to $180 at Morgan Stanley
(Updated - September 6, 2024 5:04 AM EDT)
Morgan Stanley analyst Joseph Moore raised the price target on Broadcom Limited (NASDAQ: AVGO) to $180.00 (from $176.00) while maintaining a Overweight rating.
The analyst comments "AVGO AI growth is not linear but remains strong. A quarter ago, the company had guided to $11 bn of AI revenue for FY24, implying no sequential growth 3q/4q. We assumed that there was conservatism in that, and had a $12 bn estimate, but we highlighted in our preview that the company had characterized the ASIC business as lumpy from quarter to quarter. That lumpiness did play out, as the company saw AI processors flattish q/q - with networking for AI up slightly. But importantly growth is still close to 3x this year, and sequential growth resumes in October."