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Avago Technologies (NASDAQ:AVGO) was downgraded by Goldman Sachs from a “conviction-buy” rating to a “buy” rating in a research note issued on Monday, TheFlyOnTheWall.com reports. They currently have a $70.00 price target on the stock, up from their previous price target of $66.00. Goldman Sachs’ target price would suggest a potential upside of 13.27% from the stock’s previous close.

Shares of Avago Technologies (NASDAQ:AVGO) opened at 61.80 on Monday. Avago Technologies has a one year low of $30.57 and a one year high of $65.83. The stock has a 50-day moving average of $62.3 and a 200-day moving average of $51.7. The company has a market cap of $15.439 billion and a P/E ratio of 28.81.

Avago Technologies (NASDAQ:AVGO) last announced its earnings results on Tuesday, February 25th. The company reported $0.84 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.78 by $0.06. The company had revenue of $709.00 million for the quarter, compared to the consensus estimate of $705.29 million. Analysts expect that Avago Technologies will post $3.42 EPS for the current fiscal year.

Other equities research analysts have also recently issued reports about the stock. Analysts at Pacific Crest initiated coverage on shares of Avago Technologies in a research note on Friday, March 28th. They set an “outperform” rating and a $75.00 price target on the stock. Separately, analysts at UBS AG reiterated a “buy” rating on shares of Avago Technologies in a research note on Monday, March 17th. They now have a $70.00 price target on the stock. Finally, analysts at Jefferies Group raised their price target on shares of Avago Technologies to $60.00 in a research note on Wednesday, February 26th. They now have a “hold” rating on the stock. Five research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Avago Technologies has an average rating of “Buy” and an average price target of $59.73.

Avago Technologies Limited 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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