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Bernstein is downplaying the potential risk to Broadcom from a recent report that says Apple is looking to replace some of the supplier’s business with an in-house design.

On Tuesday, analyst Stacy Rasgon reiterated his Outperform rating on Broadcom stock (ticker: AVGO ) with a $675 price target, citing the modest exposure to the chip maker’s relevant business lines. Late the prior day, Bloomberg reported that Apple ( AAPL ) plans to replace Broadcom’s Wi-Fi and Bluetooth chips with an internal solution in 2025.


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