NEW YORK (TheStreet) -- TheStreet's Jim Cramer will be watching Avago Technologies (AVGO) - Get Report, which reports second-quarter earnings after the Thursday market close. Cramer sees the semiconductor maker as a bellwether stock and leader in its sector. 

He said Avago, like Skyworks Solutions (SWKS) - Get Report and Qorvo (QRVO) - Get Report, is where all the action is -- cellphone semiconductors. However, Avago has more room to run than its competitors and will power the whole group higher.

You have to look at these things in the context of leaders, according to Cramer. Avago is the leader of that particular segment just as Workday (WDAY) - Get Report is the leader of cloud. Avago is the stock that is going to determine how the higher-performing chip stocks do.

However, while Cramer thinks it'll be a good quarter for the company he thinks the stock has run way too much. The wireless chip manufacturer recently completed its acquisition of Emulex Corporation as it looks to grow its portfolio and expand into new markets.

On Tuesday, analysts at Credit Suisse reaffirmed Avago's buy rating and currently have a $140 price target on the stock. Analysts at Mizuho initiated coverage on shares of Avago last week, setting a buy rating and a $150 price target. Meanwhile, analysts at Barclays reiterated their overweight rating on the stock. Avago stock has a one year low of $68.71 and a one year high of $136.28. Its 50-day moving average is $124. The company has a $34 billion market cap and a price-to-earnings ratio of 75.28. 

TheStreet Ratings team rates AVAGO TECHNOLOGIES LTD as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:

"We rate AVAGO TECHNOLOGIES LTD (AVGO) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its robust revenue growth, expanding profit margins, good cash flow from operations, increase in net income and solid stock price performance. We feel its strengths outweigh the fact that the company has had somewhat disappointing return on equity."

You can view the full analysis from the report here: AVGO Ratings Report

At the time of publication, Jim Cramer's charitable trust Action Alerts PLUS held no positions in stocks mentioned.