Broadcom price target lowered to $170 from $173.50 at UBS

UBS lowered the firm’s price target on Broadcom to $170 from $173.50 and keeps a Buy rating on the shares. While Broadcom raised full year AI revenue, results fell a bit shy of expectations and overall revenue guidance was slightly below the Street, the analyst tells investors in a research note. The firm expects the hyperscale capex backdrop to remain very robust again next year and thinks that it is reasonable that Broadcom can grow its AI revenue another 35%-40%.