Broadcom ‘s blowout first-quarter earnings seem to have assuaged analysts’ recent fears toward the battered AI trade. Rising market uncertainty and trade tensions have weighed down the semiconductor stocks as of late. AI poster child Nvidia is on pace to end the week 10% lower, and on Tuesday the tech-heavy Nasdaq Composite entered correction territory . These fears were stoked further on Thursday after chipmaker Marvell Technology issued revenue guidance that fell short of some elevated buyside expectations. But on Friday, Broadcom’s blockbuster earnings report seemed to have righted the ship. The semiconductor manufacturer popped 6% after posting first-quarter adjusted earnings of $1.60 per share on revenue of $14.92 billion, exceeding consensus estimates for a profit of $1.49 per share and revenue of $14.61 billion from LSEG. Nvidia added 1% in sympathy, while the Nasdaq Composite was last trading 0.4% higher. Broadcom also guided for second-quarter revenue of $14.9 billion, which is higher than the $14.76 billion consensus forecast. In a statement, Broadcom CEO Hock Tan said that the company expects “continued strength in AI semiconductor revenue.” Analysts at some of the biggest shops on Wall Street voiced their optimism after Broadcom’s report. Here’s what they had to say. Citi reiterates buy rating and price target of $220 per share Analyst Christopher Danely’s price target is about 23% above Broadcom’s Thursday closing price of $179.45. “Broadcom reported solid results and guided above Consensus driven by continued AI strength (27% of F25 sales) with two new AI engagements. Gross margins were above Consensus due to mix and we continue to believe strength from the AI semi business will offset any downside from sanctions on Bytedance and RF share loss at Apple.” Deutsche Bank maintains buy rating and $240 per share price target Deutsche Bank’s forecast corresponds to upside of around 34%. “Overall, despite AVGO being unlikely to completely avoid market-wide AI volatility, we believe the co’s broadening customer exposure, and significant non-AI/Software businesses can continue to mute volatility through cyclical/secular growth,” wrote analyst Ross Seymore. JPMorgan keeps buy rating, $250 per share price target JPMorgan’s price target calls for 39% upside going forward. Analyst Harlan Sur said the stock “remains our top pick in semiconductors.” “In the infrastructure software business, Broadcom continues to successfully convert and upsell to its VCF full stack solution. Overall, the team continues to drive a stable revenue growth profile even in a period of macro volatility given its portfolio breadth/ diversification/product cycles.” Bank of America retains overweight rating, raises price target to $260 from $250 Analyst Vivek Arya’s new target equates to 45% upside. The analyst said that Broadcom’s recent report was a “reassuring update from AI leader.” “We rate Broadcom Buy due to its high-quality diversified exposure to secular product cycles in the smartphone, cloud data center, telecom and enterprise storage markets. Additionally, with 45%+ EBITDA/FCF margins, Broadcom is among the most profitable semiconductor companies, which is likely to continue to drive strong cash returns.” Barclays stands by overweight rating, $260 price target “Outside of a clean beat, GMs will tick down in the next few quarters as AI programs become a larger part of the portfolio, and R & D expense will tick up as management plans to invest heavily in the AI opportunity. In our view, AVGO is still one of the best positioned names in AI DC and we continue to see the ASIC business accelerating on a multi-year basis,” wrote analyst Tom O’Malley. Morgan Stanley reiterates overweight rating, raises price target to $260 per share from $246 “The qtr should provide some relief after the MRVL disappointment,” wrote analyst Joseph Moore. “Broadcom has one of the most compelling bull cases, and while there is significant optionality in their long-term outlook, their ambitious SAM is materially possible. We stay OW, and this remains our 2nd best AI play behind NVDA.” UBS maintains buy rating and $270 per share price target Analyst Timothy Arcuri’s target corresponds to a potential upside of 50%. “Amid expectations that were not quite as high as some peers, AVGO delivered solid results and guidance that should continue to bolster this investment thesis. Most importantly, the AI segment of the business continues to provide upside even as the custom ASIC business was a bit soft in FQ1 (Jan) around well telegraphed TPU transitions at Google.” — CNBC’s Michael Bloom contributed to this report.