Broadcom Ltd. (NASDAQ: BRCM) reported its fiscal second-quarter financial results after the markets closed on Thursday. The company posted a $2.53 in earnings per share (EPS) on $3.54 billion in revenue. Consensus estimates had called for EPS of $2.38 and $3.55 billion in revenue.

It’s worth noting that Broadcom is the successor to Avago Technologies, after a successful acquisition back in February.

Broadcom exceeded EPS expectations for its first quarter operating as a combined company. Its increased scale and diversity already was proving very resilient, with strong product cycles in its now largest segment, wired, offsetting weaker demand in our enterprise storage and wireless segments.

Management even expects a strong fiscal third-quarter, calling for revenues in the range of $3.675 billion to $3.825 billion, with a gross margin in the range of 59% to 61%. The consensus estimates call for $2.63 in EPS on $3.71 billion in revenue.

This company is a leading designer, developer and global supplier of a broad range of analog and digital semiconductor connectivity solutions. Its extensive product portfolio serves four primary end markets: wired infrastructure, wireless communications, enterprise storage and industrial and other.

The company produces radio frequency (RF) front-end for LTE-enabled Apple products. Wall Street estimates that the company does 15% of its total business with Apple. Additional estimates are that the company has between a 13% and 17% revenue exposure to Apple in the wireless communications segment, which was guided up 10% or more quarter over quarter for the third quarter. Customer diversity and content for Samsung could be more than enough to offset slower Apple business.

After the earnings report, the stock hit a new all-time high, and analysts poured into it:

• Barclays raised its price target to $185 from $170.
• B. Riley has a Buy rating and raised its price target price to $200 from $190.
• BMO has an Outperform rating and raised its price target from $185 to $200.
• Brean raised price target to $190 from $180.
• Canaccord Genuity has a Buy rating and raised target to $200 from $185.
• Cowen has an Outperform rating and raised its price target to $200 from $190.
• Craig Hallum has a Buy rating and raised its price target from $190 to $200.
• D.A. Davidson has a Buy rating and raised its price target to $190.
• Deutsche Bank has a Buy rating and raised its price target to $200.
• Drexel Hamilton has a Buy rating and raised its price target to $192 from $169.
• Goldman Sachs has a Buy rating and raised its price target to $185 from $171.
• Jefferies raised the price target to $190 from $180.
• JPMorgan has an Overweight rating and raised its price target from $178 to $195.
• Mizuho has a Buy rating and raised its price target to $190 from $175.
• Morgan Stanley raised the price target to $191 from $182.
• Oppenheimer has an Outperform rating and raised its price target to $180 from $170.
• Pacific Crest raised the price target from $170 to $185.
• Raymond James has an Outperform rating and raised its price target to $180 from $160.
• RBC raised the price target to $185 from $180.
• Sterne Agee CRT has a Buy rating and raised its price target to $199 from $185.
• UBS has a Buy rating and raised its price target from $190 to $205.

Shares of Broadcom closed on Friday at $162.56, with a consensus analyst price target of $178.37 and a 52-week trading range of $100.00 to $165.98.

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