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Broadcom stock rises ahead of its Q2 earnings

Shares of Broadcom (AVGO) are trading higher as the company is set to report its second quarter earnings after the closing bell on Wednesday afternoon. Citi analyst Christopher Danely reiterated his Buy rating and price target of $1,560 ahead of the company's earnings.

Yahoo Finance Anchors Madison Mills and Seana Smith discuss the latest developments for Broadcom and how it may operate moving forward.

For more expert insight and the latest market action, click here to watch this full episode of Catalysts.

This post was written by Nicholas Jacobino

Video transcript

We're gonna take a look at some trending tickers we are watching here.

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Shares of Broadcom moving higher this morning ahead of its second quarter earnings report that is coming up after the bell today.

All eyes are on the chip sector as investors are, of course, doubling down on a I just to take a look at what we are anticipating.

City out with a preview of Broadcom earnings, expecting the company's full year A I revenue target to hit at least $11 billion.

But saying that the 2024 guidance will likely stay intact as strength, coupled with momentum from VM ware as a reminder, they did acquire VM Ware that is going to be slightly offset by weakness in the company's legacy offerings.

And that commentary is actually, according to Bank of America there, but still really interesting to have one more chips name in the space that we can monitor earnings for to kind of get an outlook on the overall sector as not only the A I story continues but also continued regulation.

We're hearing news that the Biden administration is weighing more curbs on China and chips, so it'll definitely be interesting to see the success rate for broad.

Yeah, exactly.

I think this is just gonna be another barometer here for the wider space, right?

Exactly what the uptake looks like Exactly what demand looks like, Really what it means for some of these quote unquote tier two players.

When you get outside of NVIDIA, some of the smaller players within the space that are benefiting that have benefited from this excitement surrounding a I.

But materially the impact that it is having on their business, what it shows in terms of sales in terms of demand, especially that guidance.

I think that's going to be so critical here as we try to gauge kind of the overall health of the broader sector.

And also ultimately what some of those I guess growth milestone numbers could look like here in the coming quarters.

But again, Wall Street very optimistic, very upbeat.

It sounds like ahead of these results that we will be getting after the bell here today in city there, uh, expecting the chip maker to report revenue ahead of consensus, putting it on track here to raise its full year A I revenue target to at least 11 billion