When Broadcom (AVGO) reports earnings after the close Wednesday, the chipmaker's roles in the Apple  (AAPL)  iPhone and in M&A will be key areas of focus.

Wall Street expects Broadcom to earn $3.48 per share from nearly $4.1 billion in revenues. Ahead of the report, shares were up .5% to $211.93.

Broadcom is poised to be one of the biggest winners of the next iPhone, Pacific Crest John Vinh suggested in an earnings preview. Broadcom is expected to supply Wi-Fi chips, radio frequency filters and other components for the 10th anniversary update of the device.

Broadcom could also be developing a new wireless charging technology for the upcoming iPhone, Vinh wrote. "While Broadcom has shut down development of its merchant wireless charging business, we believe that it and Apple have jointly developed a wireless charging ASIC [application-specific integrated circuit] for the upcoming iPhone X," Vinh explained. Depending on how widely Apple deploys the technology, the analyst suggests, wireless charging could add $90 million to $280 million in revenue, and 10 to 36 cents in EPS for Broadcom.

Fellow chipmakers Skyworks (SWKS) and Qorvo (QRVO)  have already reported strong iPhone results this earnings season, D.A. Davidson analyst Thomas Diffeley noted.

While the iPhone draws much of the attention from Broadcom investors, Oppenheimer analyst Rich Schafer suggested that the company could benefit from Samsung's (SSNLF)  upcoming Galaxy S8 release. Outside of mobile devices, Broadcom's wired infrastructure Tomahawk and Jericho products could be positive surprises.

M&A remains a major storyline for Broadcom, which was formed by the $37 billion merger with Avago last year.

More recent deals include the $5.9 billion purchase of Brocade (BRCD) announced in November. Integrating Brocade will help Broadcom hit 45% operating margins, D.A. Davidson's Diffeley wrote. After closing the Brocade purchase, plans to flip the company's Ruckus Wireless and other operations to Arris International (ARRS)  for $800 million in cash.

Broadcom will have the resources to remain acquisitive, Oppenheimer analyst Rick Schafer suggested. With "ballooning" free cash flow, Schafer wrote in a preview, Avago could spend another $20 billion on near-term acquisitions.

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