Broadcom price target raised to $443 from $409 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Broadcom (AVGO) to $443 from $409 and keeps an Overweight rating on the shares. The firm models for Broadcom and AMD (AMD) to grow their AI processor revenues slightly faster than Nvidia (NVDA) in calendar year 2026, but says that mostly just reflects supply chain limitations of a $205B run rate revenue stream as all key products are supply constrained through 2026. While noting that customers’ biggest anxiety for the next 12 months is their ability to procure enough Nvidia product generally, and Vera Rubin specifically, and adding that TPU is by all accounts a solid alternative, and one that has meaningfully contributed to several key models, the firm contends that it is “worth keeping in mind that Nvidia just did a $51 bn data center quarter, roughly 14x TPU revenues.”