This morning Instinet raised its price target on Broadcom (AVGO) to $220 from $190. The analyst Romit Shah commented that improved margins and more cash flow, as well as the new iPhone 8, should help drive shares higher. Seperately, Loop Capital raised its price target to $244 from $211. The analyst Betsy Van Hees believes the company could beat the Street once again, and raise its guidance for the quarter. The company is due to report results for the first quarter after the closing bell on March 1. 

According to the website Tipranks, Instinet is currently not ranked. Tipranks gives Loop Capital a five out five star ranking on shares of Broadcom. The average price target on AVGO is $224.44, with the highest price target being $250 by Bernstein. Meanwhile, the lowest price target is $190 by Nomura. 

According to YCharts, analysts are looking for EPS of $3.47 on revenue of $4.08 billion. As for guidance for the second quarter, analysts are looking for EPS of $3.21 on revenue of $3.895 billion. Based on 2017 full-year analyst estimates of $14.12, the stock currently trades at a Forward P/E of 15. 

Last week I talked about the potential to see a short-term pullback in shares of AVGO. My thought was that we will likely not see a sharp run-up in the stock ahead of the quarter. $215 is clearly the breakout point for the stock, and this $210 area seems to be neutral ground, with $200 acting as support. I still think the chart is leaning, at this point, more towards the downside, at least until the report date. (See also, Broadcom Falls on Brocade Miss)

AVGO's results will likely impact the whole sector. It is the first company to report for the first quarter and it is probable we will start getting a sneak peak into what to expect for the iPhone 8, as well.