Morgan Stanley drops eye-popping Broadcom price target after event

Broadcom (AVGO) just reported another monster quarter, then saw its stock take a beating. Shares tanked 11% to nearly $360, erasing over $200 billion in market value in a single session. The results themselves were mostly solid. The tech giant posted nearly $18 billion in Q4 sales, a clear beat, along with a bullish $19.1 billion Q1 outlook. On top of that, its $1.95 EPS surged past market estimates by a sizeable eight cents. However, it didn’t matter. Its management warned that rising AI-chip demand w ...