Broadcom Ltd (NASDAQ:AVGO) reported third-quarter earnings and revenue beats yesterday, turning in revenue of $3.802 billion and EPS of $2.89, compared to consensus of $3.76 and $2.76.

In light of “another solid beat and raise performance,” likely thanks to “the Wireless segment’s ramp into the next generation iPhone,” Drexel Hamilton top analyst Cody Acree remains bullish on the wireless chip maker. As such, Acree reiterates a Buy rating on shares of AVGO, while raising the price target from $192 to $201 price target, which represents a nearly 16% increase from where the stock is currently trading.

For Acree, a major positive comes from AVGO’s operating model, which has demonstrated “attractive consistency and leverage,” with gross margin climbing higher and higher, having already risen above its target model.

However, it is worthy to note that the company’s fourth-quarter guidance of $4.1 billion fell slightly below the Street’s forecast of $4.05 billion, which has caused shares to topple roughly 2% today. Acree expects EPS next quarter to reach $3.34, with expectations above that of consensus of $3.17.

Acree asserts, “In our opinion, given the softness we’ve heard from other companies in the communications infrastructure market, we’re not disappointed by Broadcom’s flat results, but rather encouraged that it has optical data center, PON, and Ethernet diversity that can offset the temporary limitations of Set- Top Box supply.”

As usual, we like to include the analyst’s track record when reporting on new analyst notes to give a perspective on the effect it has on stock performance. According to TipRanks, top five-star analyst Cody Acree has achieved a high ranking of #91 out of 4,132 analysts. Acree upholds a 68% success rate and garners 18.3% in his annual returns. When recommending AVGO, Acree realizes 30.2% in average profits on the stock.

TipRanks analytics exhibit AVGO as a Strong Buy. Based on 25 analysts polled in the last 3 months, 100% rate a Buy on AVGO. The 12-month average price target stands at $201.63, marking a 16% upside from where the shares last closed.