"Bottom line, while some may nitpick the semiconductor sales or gross margin performance, this was an overall solid release," said Jim Cramer and the Action Alerts PLUS team, which holds Broadcom in its portfolio.
"That said, even Broadcom is not immune to the supply side tightness seen throughout the industry ... We believe management is doing a very good job of navigating the environment and communicating with both their suppliers and customers," the AAP team added.
Here's what Wall Street analysts are saying about the stock post-earnings:
Baird maintained an outperform rating while raising Broadcom's price target to $500 from $470, noting that strong growth in organic semiconductor and software revenue "should dismiss concerns about core growth, and demonstrates strong execution."
Jefferies maintained a buy rating and $520 price target as the company has "strong bookings with clear visibility through 2021."
Wells Fargo maintained its equal weight rating while raising its price target to $450 from $410 per share. The company's release "will likely leave investors increasingly focused on the risk of double-ordering amid lengthening lead times and customer buffer inventory builds."
Morgan Stanley kept its overweight rating while raising its price target to $538 from $521 per share. Analysts noted that the company continues to perform at a high level "as reflected in industry leading profitability."
Raymond James has a market perform rating with no price target on the stock. The firm sees "some upward bias to estimates given continued capacity restraints."
Broadcom shares were up 1.66% to $450.98 per share Friday morning.