08:32 AM EST, 12/13/2024 (MT Newswires) -- Broadcom ( AVGO ) shares were up 18% in recent Friday premarket activity after reporting stronger fiscal Q4 results and CEO Hock Tan's forecast on the booming AI market.

The company on Thursday reported adjusted earnings of $1.42 per diluted share on revenue of $14.05 billion, up from $1.11 on $9.30 billion a year earlier.

Analysts polled by FactSet expected $1.39 on $14.07 billion.

Tan also said Thursday in an earnings call that they are seeing $60 billion to $90 billion in revenue opportunity for fiscal 2027 from hyperscale customers, or large cloud firms.

Multiple investment groups raised their price targets on Broadcom ( AVGO ). Piper Sandler increased its target to $250 from $200, Mizuho to $245 from $220 and Deutsche Bank to $240 from $190, among others.