Broadcom price target raised to $357 from $338 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Broadcom (AVGO) to $357 from $338 and keeps an Overweight rating on the shares. The firm’s latest ASIC checks are positive, it has a bullish ethernet networking outlook, and it sees continued strength in hyperscaler capex and inference demand, says the analyst, who is raising estimates ahead of earnings given the “strong prospects” for both ASICs and networking in AI and a “modest recovery” in the core business.