Shares of Broadcom (AVGO) - Get Report  closed up 8.5% to $254.53 on Friday, the day after the chipmaker reported a beat on the top and bottom line for the 2017 second quarter. 

After Thursday's closing bell, Broadcom reported earnings of $3.69 per share, topping estimates for $3.50 per share. Revenue rose 18% year-over-year to $4.2 billion, also beating expectations for $4.11 billion. 

For the current quarter, Broadcom sees revenue coming in between $4.38 billion and $4.5 billion, which is above the $4.27 billion consensus estimate. 

"Anticipating that end markets will remain healthy, we expect third fiscal quarter revenue growth of approximately six percent sequentially, driven by solid growth from our wired segment and a seasonal second half ramp in our wireless segment," said Broadcom CEO Hock Tan in a statement. 

The stock has been on a run lately, trading up over 40% year-to-date and 60% in the past year as it takes advantage of the positive business environment for the chip sector. 

Here's how Wall Street firms are reacting to the earnings and revenue beat.

Oppenheimer, Rick Schafer and Joshua Buchalter (Outperform, price target raised to $275 from $240)

"We are raising our estimates and PT on AVGO following its latest in a long line of beat/raise results. . . We believe AVGO has one of the most strategically and financially attractive business models in semiconductors."

Davidson, Thomas Diffely (Buy, price target raised to $285 from $250)

"Samsung units declining, Apple (AAPL) ramp somewhat delayed, but strong content increases trumps all: raising estimates and price target again. Our fears of a delayed ramp of the iPhone 8 this year are proving to be warranted; however, content increases across all eight of AVGO's components that go into the phone have overshadowed slower unit growth in the July quarter and are driving meaningful upside versus the Street and should be a nice catalyst for the stock."

Loop Capital Markets, Betsy Van Hees (Buy, $285 price target)

"We believe there was nothing but net on Broadcom Limited's (AVGO) impressive beat and raise that was above our Street high estimates. What positively surprised us about the FQ3 (Jul) 2017 raise was AVGO's candid disclosure that its content in the iPhone 8 was increasing by 40% from the iPhone 7. AVGO said that it was this increase in content, not the ramp of the iPhone 8, that was driving its guidance for Wireless to increase double-digits QoQ in FQ3. AVGO was also very upbeat about demand and bookings trends for all of its other end-markets for FQ3 2017 guiding them to be up QoQ. AVGO remains one of our top big cap picks for calendar year 2017..."

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