2020 has been good so far for the semiconductor sector. The SOX (PHLX Semiconductor Index) – the industry’s overall barometer – is up by 18%, way in front of the S&P 500’s 5% uptick. One chipmaker that has gotten attention lately is Broadcom (AVGO). A strong showing in the company’s latest quarterly statement has just received widespread approval from Street analysts.Count Rosenblatt analyst Hans Mosesmann among those impressed. Following the earnings report, the 5-star analyst reiterated a Buy rating and raised his price target from $370 to $430. The implication for investors? Upside of 19% from current levels. (To watch Mosesmann’s track record, click here)Mosesmann said, “Broadcom delivered a nice beat and raise in an investor environment that has suddenly become skittish on macro, Covid-19, inventories, enterprise, etc. Broadcom is seeing particularly good visibility (including the January quarter) in Networking (cloud and telecom) driven by a significant networking switch cycle (Tomahawk3) that is pulling in adjacent Broadcom network and storage silicon.”Let’s take a look at the numbers behind the positive assessment. Quarterly revenue hit $5.82 billion, beating consensus by $60 million and exhibiting year-over-year growth of 5.4%.FQ3 Non-GAAP EPS came in at $5.40, ahead of the Street’s forecast by $0.16. Additionally, free cash flow grew by 33% to a record $3.07 billion, far beyond the $2.23 billion consensus estimate.Even so, management have said that the company “continues to feel some constraints on wafers and substrates, while lead times remain extended.”“If not for such tight constraints,” Mosesmann said, “Broadcom would have been able to ship more products in F3Q,”Looking ahead, the company expects another strong quarter, forecasting FQ4 revenue to come in between $6.25 billion to $6.55 billion, above the Street’s call for $6.2 billion. The growth on account of “a surge in demand for Networking and the expected ramp of 5G phones in Wireless,” although these are expected to be offset by “weakness in Storage, Broadband, and Industrial.”All in all, the current Street ratings display a lot of confidence in the Broadcom story. 23 Buys and 3 Holds coalesce to a Strong Buy consensus rating. At $405.48, the average price target could provide investors with nearly 13% of upside over the coming months. (See Broadcom stock analysis on TipRanks)To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.