Citi issued a Research Report indicating that Broadcom's performance last quarter was roughly in line with expectations, with revenue rising 8% quarter-on-quarter to $14.1 billion, and earnings per share slightly surpassing expectations, primarily driven by gross margin expansion. The firm noted that while the company's semiconductor-related business experienced a decline due to seasonal factors in the wireless business, management revealed that AI clients expanded from three to five, with market speculation suggesting one of them is Apple, expected to provide sustained growth momentum, driving continued quarter-on-quarter growth in AI-related business revenue. Accordingly, Citi has raised its revenue forecast for Broadcom for the fiscal year 2025 from $59 billion to $61.1 billion, and its earnings per share forecast from $4.96 to $5.2, maintaining the fiscal year 2026 revenue forecast unchanged, reiterating the 'Buy' rating, and increasing the Target Price from $205 to $220, believing that its semiconductor business will slow as expected, but the AI-related Sector will continue to grow.