Bernstein raised the firm’s price target on Broadcom (AVGO) to $400 from $295 and keeps an Outperform rating on the shares. The firm says Broadcom’s Q3 earnings were good with both semis and software better than expected. While non-AI semis remain slow to recover AI semis revenues were quite strong at $5.2B, up 63% year-over-year and above expectations, Bernstein adds.
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