Morgan Stanley analyst Craig Hettenbach raised Broadcom's price target to $265 from $245, with a bull case of $325, saying he expects another strong earnings report and has conviction in gross margin expansion.The analyst sees an upward bias in wireless sales and networking and continues to believe consensus gross margin estimates are too low. Hettenbach said he is not sure if management will be able to provide clarity on M&A shareholders are looking for, especially if the company is involved in any negotiations, but said investors will be looking for any color on its stated M&A approach. The analyst has an Overweight rating on Broadcom shares.