Shares of semiconductor company Broadcom Inc ( AVGO ) are moving higher Thursday following strong second-quarter financial results. Multiple analysts also raised price targets following the print.

Q2 Revenue: $12.487 billion, beating estimates of $12.028 billion

Q2 EPS:  $10.96, beating estimates of $10.84

Broadcom ( AVGO ) said it generated $4.58 billion in cash from operations during the quarter. The company ended the second quarter with $9.809 billion in cash and cash equivalents.

"Broadcom's ( AVGO ) second quarter results were once again driven by AI demand and VMware. Revenue from our AI products was a record $3.1 billion during the quarter. Infrastructure software revenue accelerated as more enterprises adopted the VMware software stack to build their own private clouds," said Hock Tan, president and CEO of Broadcom Inc. ( AVGO )

Broadcom ( AVGO ) declared a quarterly dividend of $5.25 per share. Broadcom ( AVGO ) also announced a 10-for-1 forward stock split. Shareholders of record as of July 11 will receive nine shares for every one share held. The stock is expected to begin trading on a split-adjusted basis on July 15.

Outlook: Broadcom ( AVGO ) raised its fiscal-year 2024 revenue guidance to approximately $51 billion, up from approximately $50 billion. Analysts currently forecast full-year revenue of $50.42 billion, per estimates from Benzinga Pro.

Broadcom ( AVGO ) noted that it expects full-year adjusted EBITDA to be approximately 61% of projected revenue.

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Analyst Changes:

Morgan Stanley analyst Joseph Moore maintained Broadcom ( AVGO ) with an Overweight and raised the price target from $1658 to $1765.

Mizuho analyst Vijay Rakesh maintained Broadcom ( AVGO ) with a Buy and raised the price target from $1625 to $1900.

Oppenheimer analyst Rick Schafer maintained Broadcom ( AVGO ) with an Outperform and raised the price target from $1500 to $2000.

Piper Sandler analyst Harsh Kumar maintained Broadcom ( AVGO ) with an Overweight and raised the price target from $1650 to $2000.

Evercore ISI Group analyst Matthew Prisco maintained Broadcom ( AVGO ) with an Outperform and raised the price target from $1620 to $2010.

Goldman Sachs analyst Toshiya Hari maintained Broadcom ( AVGO ) with a Buy and raised the price target from $1550 to $1850.

AVGO Price Action: Broadcom ( AVGO ) shares were up 13.9% at $1,703.94 at the time of publication, according to Benzinga Pro.