The financial fallout from the U.S.-China trade war is beginning. But a day after after chipmaker Broadcom reported disappointing earnings, Wall Street analysts are urging investors to stay calm.

The report sent chip stocks plummeting after the company cut its revenue forecast, citing Huawei and trade uncertainty. Broadcom said it was taking a $2 billion annual sales hit due to the trade battle.

Shares of Broadcom were down 7% to $260.17 in early market trading.

"Here's the bottom and it ain't that bad," Citi analyst Christopher Danely said in his note to clients. He kept his buy rating but lowered his price target to $300 from $320.

Other analysts agreed.

"Net net, the lower fiscal year is a bigger revision than what was expected but we don't believe the sky is falling and we still think the strong capital return story keeps a bottom in the stock, and hopefully the 2H proves conservative should the trade tensions resolve," said Barclays analyst Blayne Curtis.

One firm lowered its price target but still thinks the company can weather the storm.

"Broadcom is well positioned in this cyclical downturn, owing to its fabless model, company-specific growth catalysts, revenue diversification, and software revenue stability," analysts at Baird said. "Combined with strong cash flow generation and an attractive multiple, we view Broadcom as a defensive, highquality name." The firm took their price target to $280 from $300.

Here's what else the major analysts are saying: