저자: DianeKingHall · 외국인
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Morgan Stanley가 브로드컴 목표가를 233달러에서 265달러로 상향하고 Overweight 유지. 주요 고객(Alphabet, Meta, ByteDance)과 Apple 자체 AI칩 협업 보도 속에서 ASIC이 GPU 대체재로 부상한다는 논리. 2027년 AI 매출 기회를 600~900억 달러로 제시. 밸류에이션은 선행 PER 35배로 과거 15~20배 대비 높지만 성장 스토리로 정당화됨. Jefferies도 목표가 300달러로 상향.
다듬은 글
it's now time for fomo and to discuss now more on broadcom which has been I'd say our late stage fomo really dominant name is Diane King Hall New Markets correspondent for the network and so Diane what a a few sessions we have seen frankly in broadcom shares I mean it has been phenomenal to watch it's honestly booed a lot of the the overall weakness we've seen in the rest of semis and and some of these AI type winners but I mean objectively having a phenomenal year and so walkers through some of the analyst noise today yeah so Morgan Stanley is out with some commentary within the sector and one of the things that stood out is obviously their commentary on broadcom so Shares are moving about 4% higher off the back of some of this uh bullish and upbeat assessment that we're seeing with regard to broadcom they've raised their price Target on broadcom to 265 bucks a share they previously had a price target of 233 bucks a share they are maintaining an overweight rating on on the stock and they just talked about the potential within the AI growth story for broadcom where broadcom has been beneficiary been benefiting I should say is from the growth within Asic the application specific integrated circuit that kind of chip versus the gpus that Nvidia is known for as the AI story grows and ex extrapolates and more companies need Alternatives this is where broadcom can come in so some companies are looking at it for as an alterntive alternative to the gpus part of it is because the cost of those chips or the gpus are just more expensive than the as6 so that's one vantage point and then the way it processes information so that could be a beneficiary it has already it's been known for having these three big players it's got three heavy weighs um as its customers uh we're talking about alphabet meta and bite dance uh but there have been recent reports and analyst commentary saying they are uh reportedly working with apple on on their own AI chip and that's been one of the conversations we've been having about potential market share coming away from Nvidia for instance uh as other companies develop their own AI specific chips so another thing that uh stood out to me Morgan Stanley says uh while they don't expect as6 to gain share in 2025 they have enthusiasm longer term so they believe that it has the design capabilities and the long-term trajectory is there for a broadcom and they said overall because this was a no just about across kind of industry the industry view remains attractive as AI strength now dominates the index waiting and other areas are bottoming out slowly so again we are seeing shares move higher today Jenny not at the high that we saw uh at the beginning of this week but there're still time in today's session Diane I was looking at kind of valuation so many of the names we've talked about recently have seen valuations swell astronomically over the last year and broadcom's not uh an exception it has has of course seen its valuation increase but it might be warranted I mean we're looking at a stock that kind of perennially traded around 15 to 20 times forward earnings but it was a little bit more of a consistent almost value like company an apple supplier if you will well now we're talking about an AI Growth Company with completely different fundamentals I don't think it is probably making analyst all that uncomfortable to see valuation now at 35 times earnings and the fact that it came down after its last earnings event from a high near 40 is that the sentiment that you you seem to be seeing amongst the uh analysts and Traders you talk to yeah that does seem to be the sentiment around this especially when you think about the total addressable Market within the space and the growth story again as we hear when we talk to analyst after analyst that we're still in the early Innings when it comes to this growth story and you can even see it based on the numbers in terms of AI growth there they recently said uh broadcom recently said that the AI Revenue opportunity the addressable market for them could hit between in their view between 60 and 90 billion by 2027 and that's just from their three existing customers so that doesn't even account for the new customers uh that they're you know on boarding essentially uh you also have Jeff out with some commentary today with regard to broadcom they're bullish as well they have an even higher price Target than Morgan Stanley they've ratcheted up their price Target to 300 bucks a share again it's off that grow story when it when it comes to Asic because you will start to see companies looking for Alternatives and especially one of the questions around Nvidia had been their ability to meet the Demand right uh so one of it is is is the supply actually there and then one of it one of the questions will be about cost and the A6 is cheaper uh as we've seen yeah and I I think that that's the great point and I mean I having a a pretty nice s session today all things considered we also are seeing some strength I mean in most of these big big Tech names but has been a fun one to watch especially post those earnings but appreciate it Diane King Hall senior markets correspondent for the network
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