Morgan Stanley analyst Craig Hettenbach upgraded Broadcom to Overweight from Equal Weight with a price target of $367, up from $298, and named the stock as his new top pick. While the stock is priced for risks associated with the Symantec deal, he has increased confidence in the company's software strategy amid what he sees as low expectations, Hettenbach tells investors. The CA deal has gone much better than expected, contends the analyst, who thinks software M&A is helping to diversify Broadcom's business and leading to more resilient estimates compared to semiconductor peers.

Barclays analyst Tom O'Malley raised the firm's price target on Broadcom (AVGO) to $1,500 from $1,405 and keeps an Overweight rating on the shares after hosting management for meetings. Broadcom is one of the unique companies that has a comprehensive view of the semis industry while also capable of providing an "intimate look" at the artificial intelligence market via custom silicon, the analyst tells investors in a research note. The firm says management highlighted the company's inroads with the consumer-facing AI world, providing a differing viewpoint versus Nvidia's (NVDA) vision of the world - pointing to a two-part market of consumer and enterprise that could grow to a 50/50 split over time. Barclays came away from the meetings "with a valuable second opinion on the future of AI and a greater appreciation for the company's many ways to win."

Barclays analyst Tom O'Malley raised the firm's price target on Broadcom to $1,500 from $1,405 and keeps an Overweight rating on the shares. The analyst increased the price after hosting management for meetings.