Morgan Stanley analyst Joseph Moore raised the firm’s price target on Broadcom (AVGO) to $260 from $246 and keeps an Overweight rating on the shares. The quarter “should provide some relief” after the Marvell (MRVL) disappointment, according to the analyst, who calls the 40%-plus quarter-over-quarter growth in Ethernet AI the “highlight” of Broadcom’s report. Broadcom also highlighted two new prospective customers for new custom xPU engagements longer term, the analyst noted.
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