Broadcom price target raised to $233 from $180 at Morgan Stanley

Morgan Stanley analyst Joseph Moore raised the firm’s price target on Broadcom (AVGO) to $233 from $180 and keeps an Overweight rating on the shares. The quarter itself will “provide a relief” as fears of a Google (GOOGL) TPU slowdown turn out to be “overblown,” while longer term commentary around AI will “stoke enthusiasm for custom AI chip longer term prospects” that was “already at a fever pitch,” the analyst tells investors. Broadcom remains “one of the most compelling ways to play AI semis over the next 2-3 years,” the analyst argues.