Broadcom Inc. (NASDAQ:AVGO) shares are rising Thursday in sympathy with NVIDIA Corp (NASDAQ:NVDA), which reported outstanding first quarter results and issued strong guidance.
What To Know: Nvidia reported adjusted EPS of $1.09, beating estimates of 92 cents. Sales of $7.19 billion also beat estimates of $6.52 billion, according to Benzinga Pro.
Furthermore, Nvidia projected second-quarter revenue of $11 billion, plus or minus 2%, versus estimates of $7.15 billion.
Broadcom greatly benefited from Nvidia’s blow-out earnings report, rising over 7% in Thursday’s trading session.
Susquehanna analyst Christopher Rolland maintained Broadcom with a Positive rating Thursday morning. He also raised the price target to $785 from $690.
The price target increase comes as Broadcom is set to report second quarter earnings on June 1 after the market close. The company is expected to report EPS of $10.08 on revenue of $8.7 billion, according to estimates from Benzinga Pro.
Related Link: If You Invested $1,000 In Nvidia Stock When Jim Cramer Named His Dog After The Company, Here’s How Much You’d Have Today
AVGO Price Action: Broadcom shares were up 7.15% at $728.11 at the time of publication, according to Benzinga Pro.
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