Broadcom Inc. (NASDAQ:AVGO) reported better-than-expected results for the fourth quarter and issued strong first-quarter sales guidance on Thursday.

Broadcom posted fourth-quarter revenue of $18.02 billion, beating analyst estimates of $17.49 billion. The company reported adjusted earnings of $1.95 per share for the fourth quarter, beating analyst estimates of $1.86 per share, according to Benzinga Pro.

"We see the momentum continuing in Q1 and expect AI semiconductor revenue to double year-over-year to $8.2 billion, driven by custom AI accelerators and Ethernet AI switches," said Hock Tan, president and CEO of Broadcom.

Broadcom's board also approved a 10% quarterly cash dividend increase to 65 cents per share, payable on Dec. 31 to shareholders of record as of Dec. 22.

Broadcom expects fiscal first-quarter revenue of approximately $19.1 billion versus estimates of $18.27 billion. The semiconductor company anticipates first-quarter adjusted EBITDA at 67% of projected revenue.

Broadcom shares fell 10.9% to trade at $362.18 on Friday.

These analysts made changes to their price targets on Broadcom following earnings announcement.

• Keybanc analyst John Vinh maintained Broadcom with an Overweight rating and raised the price target from $460 to $500.
• B of A Securities analyst Vivek Arya maintained the stock with a Buy and raised the price target from $460 to $500.
• Rosenblatt analyst Kevin Cassidy maintained Broadcom with a Buy and raised the price target from $440 to $450.
• Benchmark analyst Cody Acree maintained the stock with a Buy and raised the price target from $385 to $485.
• Bernstein analyst Stacy Rasgon maintained Broadcom with an Outperform rating and raised the price target from $400 to $475.
• Mizuho analyst Vijay Rakesh maintained Broadcom with an Outperform rating and raised the price target from $435 to $450.
• Oppenheimer analyst Rick Schafer maintained the stock with an Outperform rating and raised the price target from $435 to $450.
• Piper Sandler analyst Harsh Kumar maintained Broadcom with an Overweight rating and boosted the price target from $375 to $430.
• Morgan Stanley analyst Joseph Moore maintained the stock with an Overweight rating and raised the price target from $443 to $462.
• TD Cowen analyst Joshua Buchalter maintained Broadcom with a Buy and raised the price target from $405 to $450.

Considering buying AVGO stock? Here’s what analysts think:

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