Broadcom Inc (NASDAQ:AVGO), a global leader in semiconductor and infrastructure software solutions, issued second-quarter earnings which beat Street expectations.

Here's what investors need to know about the earnings, and what analysts think about the stock.

By The Numbers: Broadcom issued earnings of $10.32 per share, ahead of a $10.08 estimate, on revenues of $8.73 billion, which beat the $8.71 billion estimates, according to Benzinga Pro.

The company repurchased 5.6 million shares during the quarter and announced a quarterly dividend of $4.60 per share. Broadcom said it anticipates its third-quarter revenue to be about $8.85 billion, edging past estimates of $8.72 billion.

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The Oppenheimer Analyst: Rick Schafer reiterated an Outperform rating, and raised the price target from $800 to $900.

Schafer commented positively on Broadcom’s performance, with its second-quarter sales and EPS beating Street expectations and third-quarter sales outlook inching 2% higher. He particularly noted the growth led by networking, up by 20% year-over-year, and the company’s strong positioning to benefit from generative AI adoption.

The KeyBanc Analyst: John Vinh reiterated an Overweight rating and raised the price target from $820 to $940.

Vinh appreciated Broadcom’s quantification of its AI exposure in its Networking segment and suggested there could be a significant upside to Broadcom’s full-year 2023 AI revenue expectations.

The Susquehanna Analyst: Christopher Rolland gave a Positive rating on the stock and raised the price target from $785 to $910.

The analyst was particularly taken by the company’s AI growth expectations, noting AI revenue growth may fill much of the void seen in the company’s core business with its AI revenue growing from $2.5 billion last year to an expected $4 billion this year and $7 billion in 2024.

The Bernstein Analyst: Stacy Ragson maintained Outperform rating on the stock, and raised the price target from $700 to $820.

Ragson applauded the company’s strong execution, customer management, and cash generation, noting that Broadcom’s presence in AI could support overall full-year 2024 semi-growth, even if the non-AI portions were to decline next year.

AVGO Price Action: Shares of Broadcom are trading 2.48% higher to $809.56, according to data from Benzinga Pro.

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