What to Expect When Broadcom Reports After the Close
Broadcom is scheduled to release its fiscal second-quarter financial results after the markets close on Thursday.
Broadcom Inc. (NASDAQ: AVGO) is scheduled to release its fiscal second-quarter financial results after the markets close on Thursday. The consensus estimates call for $4.76 in earnings per share (EPS) and $5.0 billion in revenue. The same period of last year had $3.69 in EPS and $4.2 billion in revenue.
This company has an extensive semiconductor product portfolio that addresses applications within the wired infrastructure, wireless communications, enterprise storage and industrial end markets. Also, the stock remains a top pick at Deutsche Bank.
Applications for Broadcom’s products in its end markets include data center networking, home connectivity, broadband access, telecommunications equipment, smartphones and base stations, data center servers and storage, factory automation, power generation and alternative energy systems and displays.
Top Wall Street analysts like the leadership in the mobile, data center and broadband markets, and especially in the radio frequency (RF) arena. Many on Wall Street see a cyclical rebound in industrial and communications demand, and while the company was blocked in its attempt to buy Qualcomm, new chip designs are expected to drive future growth.
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Overall, Broadcom has underperformed the broad markets, with its stock up only 4% in the past 52 weeks. In just 2018 alone, the stock is up about 2.5%.
A few analysts weighed in on Broadcom ahead of the report:
- Longbow Research has a Buy rating with a $295 price target.
- Evercore ISI has an Outperform rating and a $300 price target.
- Cowen has an Outperform rating.
- D.A. Davidson has a Positive rating with a $300 target.
- Nomura has a Neutral rating with a $300 price target.
- SunTrust Banks has a Buy rating and a $328 price target.
Shares of Broadcom were last seen trading at $263.58, with a consensus analyst price target of $309.92 and a 52-week range of $221.98 to $285.68.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
