Shares of Broadcom Inc (AVGO  ) tanked in early trading on Friday, after the company reported its fiscal third-quarter earnings.

The results came amid an exciting earnings season. Here are some key analyst takeaways from the earnings release.

• BMO Capital Markets analyst Ambrish Srivastava maintained an Outperform rating, while raising the price target from $850 to $1,000.
• Rosenblatt Securities analyst Hans Mosesmann reiterated a Buy rating, while lifting the price target from $900 to $1,000.
• KeyBanc Capital Markets analyst John Vinh reaffirmed an Overweight rating, while raising the price target from $940 to $1,000.
• Benchmark analyst Cody Acree maintained a Buy rating and price target of $950.
• Evercore analyst Matthew Prisco reaffirmed an Outperform rating and price target of 1,000.
• Raymond James analyst Srini Pajjuri reiterated a Market Perform rating on the stock.

BMO Capital Markets: "Broadcom's results, guidance, and commentary were mostly within expectations," Srivastava wrote in a note.

While Broadcom's generative AI business is on "a strong trajectory" and is driving growth, the company is "experiencing moderation in enterprise and telco spending," the analyst said. "The company continues to believe in its view of a soft landing," he added.

Rosenblatt Securities: Broadcom's quarterly results were slightly disappointing, "as AI-driven networking/hyperscale momentum was offset by enterprise/teleco weakness, along with stable wireless/infrastructure software," Mosesmann said.

"Lead times remain extended for strategic networking components like Tomahawk switches, Jericho Routers, and custom ASICs, as Broadcom benefits from the Nvidia (NVDA  ) compute effect now stressing data center network scale-out," the analyst wrote.

KeyBanc Capital Markets: Broadcom's year-on-year growth in the quarter was driven mainly by AI revenues, which contributed more than $1 billion and "are expected to grow 50% q/q and almost double y/y in F4Q," Vinh wrote.

"Excluding AI, semi revs were flat y/y with AVGO seeing a soft landing across all segments with the exception networking, which has been impacted by weak enterprise demand," he added.

Benchmark: Investors reacted negatively to Broadcom's third-quarter results and fourth-quarter guidance, which fell short of "duplicating the massive AI-levered upside that Nvidia posted last week," Acree wrote in a note.

He added, however, that the company's results were "solid" and its guidance was "equally encouraging."

Evercore: Broadcom's beat-and-raise quarter was drive by GenAI networking strength, stabilization in infrastructure software, and ongoing cost discipline, Prisco said.

"Hyperscale customers are continuing to spend aggressively on infrastructure buildouts driving strength in AVGO's compute-offload ASIC and AI switching/routing portfolios," the analyst wrote. Broadcom has cleared "several key regulatory hurdles" in its VMware, Inc. (VMW  ) deal, which is expected to close by October 30, 2023, he added.

Raymond James: "AI/ML is tracking to ~15% of Semi revenue in FY23 and management is projecting it to exceed 25% in FY24, in line to slightly better than prior expectations," Pajjuri wrote in a note.

"We believe that the company deserves credit for avoiding a cyclical correction thus far ("soft-landing")," he added.

AVGO Price Action: Shares of Broadcom had declined by 4.49% to $881.41 at the time of publication Friday.