Morgan Stanley raised the firm’s price target on Broadcom (AVGO) to $382 from $357 and keeps an Overweight rating on the shares. The July quarter was “basically in line on all metrics” and October revenues were guided 2%-3% ahead of consensus, but “more importantly” the company is putting a fourth AI customer into backlog, with a “surprising forecast” of $10B of incremental second half revenue, the analyst tells investors in a post-earnings note.
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