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Broadcom Inc (NASDAQ:AVGO) is scheduled to report its fiscal second-quarter results on Thursday, June 5.
The company is likely to report its quarterly results in line with slightly higher than consensus estimates, according to JPMorgan.
The Broadcom Analyst: Analyst Harlan Sur maintained an Overweight rating and price target of $250.
The Broadcom Thesis: The company's healthy results are likely to be driven by continued strong demand for its AI products, stabilization in the non-AI semi business and the unlocking of revenue synergy from the VMware (NYSE:VMW) acquisition, Sur said in the note.
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Backed by a higher revenue base set in the fiscal second quarter, Broadcom is likely to guide to third-quarter revenue closer to $16.1 billion, above the current Street estimates and representing 5%-7% sequential growth, he added.
Broadcom's revenue growth is likely to be led by AI demand strength, with AI revenues exceeding $5 billion, higher than consensus of $4.8 billion, the analyst stated.
"Broadcom remains our overall top pick in our semiconductor coverage given their exposure to AI infrastructure spending trends combined with their diversified end market exposure and best-in-class gross, operation and free cash flow margins," he further wrote.
AVGO Price Action: Shares of Broadcom had risen by 2.25% to $254.30 at the time of publication on Tuesday.
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