Avago Technologies Downgraded to “Neutral” at DA Davidson (AVGO)
Avago Technologies (NASDAQ:AVGO) was downgraded by stock analysts at DA Davidson from a “buy” rating to a “neutral” rating in a report issued on Friday, TheFlyOnTheWall.com reports. They currently have a $64.00 price objective on the stock, up from their previous price objective of $60.00. DA Davidson’s target price suggests a potential upside of 7.45% from the stock’s previous close.
Shares of Avago Technologies (NASDAQ:AVGO) traded down 1.51% on Friday, hitting $58.19. The stock had a trading volume of 1,166,782 shares. Avago Technologies has a 52-week low of $30.57 and a 52-week high of $59.80. The stock has a 50-day moving average of $54.73 and a 200-day moving average of $45.53. The company has a market cap of $14.484 billion and a price-to-earnings ratio of 26.98.
Avago Technologies (NASDAQ:AVGO) last issued its quarterly earnings data on Wednesday, December 4th. The company reported $0.89 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.82 by $0.07. The company had revenue of $733.90 million for the quarter, compared to the consensus estimate of $731.24 million. During the same quarter in the prior year, the company posted $0.71 earnings per share. The company’s quarterly revenue was up 19.4% on a year-over-year basis. On average, analysts predict that Avago Technologies will post $3.37 earnings per share for the current fiscal year.
A number of other analysts have also recently weighed in on AVGO. Analysts at JMP Securities downgraded shares of Avago Technologies from an “outperform” rating to a “market perform” rating in a research note on Thursday. Separately, analysts at Nomura raised their price target on shares of Avago Technologies to $70.00 in a research note on Wednesday. Finally, analysts at MKM Partners raised their price target on shares of Avago Technologies from $53.00 to $65.00 in a research note on Thursday, January 16th. They now have a “buy” rating on the stock. Five equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $56.14.
Avago Technologies Limited (NASDAQ:AVGO) is a designer, developer and global supplier of a range of analog semiconductor devices with a focus on III-V based products.
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