You would be hard-pressed to find a hotter stock in the semiconductor industry than Broadcom (AVGO) - Get Report . Shars, at around $177, have risen by more than 10% and 15% in one and three months, respectively. Expand that horizon by six months and its shares have returned 28% to patient shareholders.

Don't take profits now.

The company's growth momentum helped it crush the 6.47% year-to-date rise in the S&P 500 (SPX) index as well as the tracking sector exchange-traded fund, the iShares PHLX Semiconductor ETF (SOXX) - Get Report . The stock has a buy rating and an average analysts 12-month price target of $193, which implies 9% extra gains from current levels.

Broadcom is set to report fiscal third-quarter earnings after the Thursday close. Wall Street is expecting the Singapore-based company to report adjusted earnings of $2.77 per share on revenue of $3.76 billion. This compares to the year-ago quarter when it earned $2.24 on $1.75 billion.

On Tuesday, Credit Suisse analysts boosted their price target on Broadcom shares to $200 from $180, while assigning an outperform rating on the stock. With the close at $177, that suggests 13% premium based on the $200 price target.

In the second quarter, Broadcom reported an adjusted earnings of $2.53 per share, which beat analysts' projections by 15 cents, while revenue of $3.56 billion grew 45% year over year, beat Wall Street estimates by about $10 million.

Beyond the consistent execution, Broadcom is expected to benefit from the initial builds of Apple's (AAPL) - Get Report upcoming iPhone 7. Credit Suisse expects the company to also benefit from a recovery in not only enterprise data storage, but also better-than-expected growth in wired networks from datacenter build-outs. Citigroup raised its price target on Broadcom to $205 from $160 Tuesday.

In other words, despite the seemingly pricey stock, Broadcom shares can go still higher.

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This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.