Morgan Stanley raised the firm’s price target on Broadcom (AVGO) to $409 from $382 and keeps an Overweight rating on the shares. The multi-year partnership with OpenAI to deploy 10 GW of AI accelerators and racks from late 2026-2029 is “clearly distinct from the new customer announced on the earnings call,” says the analyst, who is “taking the scale with a grain of salt,” as it says it did with OpenAI’s deals announced with Nvidia (NVDA) and AMD (AMD).
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on AVGO:
- Broadcom’s Strategic Partnership with OpenAI Fuels AI Growth and Revenue Projections
- Broadcom’s Strategic Positioning and Growth Potential Highlighted by Multi-Year OpenAI Agreement
- Broadcom price target raised to $415 from $350 at Citi
- Broadcom price target raised to $450 from $400 at Barclays
- Broadcom price target raised to $415 from $365 at UBS