Morgan Stanley Raises Price Target On Broadcom Following Solid Quarter

In a report published Friday, Morgan Stanley analyst Joseph Moore reiterated an Overweight rating on

, and raised the price target from $47.00 to $50.00. In the report, Morgan Stanley noted, “We continue to like Broadcom stock. With non GAAP EPS now including stock comp expense, the stock is much less expensive than peers on comparable accounting, with prospects for a pickup in networking and broadband and limited headwind in connectivity. Remain Overweight, PT from $47 to $50.” Broadcom closed on Thursday at $41.31.