Broadcom price target lowered to $715 from $750 at Piper Sandler

Piper Sandler analyst Harsh Kumar lowered the firm’s price target on Broadcom to $715 from $750 and keeps an Overweight rating on the shares. The analyst believes the narrative around strong growth in cloud and enterprise that Broadcom has maintained "is likely to pivot to moderate growth as the company provides January guidance." He sees the company’s wireless business getting hit with supply constraints that Apple is facing and says the storage business "could be vulnerable" given high levels of inventories for memory controllers at cloud customers. Kumar took down estimates but feels the "vast majority of the cut is in the stock."