Morgan Stanley believes Broadcom can leverage its skill in the chip business as well as its healthy cash flow to diversify into software.
recent acquisition of Symantec's enterprise software business are overblown and the stock is a compelling buying opportunity, Morgan Stanley told its clients on Tuesday.
Lead equity analyst Craig Hettenbach upgraded the stock to overweight from equal-weight and bumped his 12-month price target to $367 from $298, implying nearly 18% upside over the next year. Broadcom stock rose 2% in premarket trading Tuesday following the Morgan Stanley upgrade. Hettenbach calls it "our new top pick."
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