Avago Technologies Reaches New 52-Week High Following Analyst Upgrade (AVGO)
Avago Technologies (NASDAQ:AVGO) shares reached a new 52-week high during trading on Tuesday after Morgan Stanley raised their price target on the stock to $82.00, Analyst RN reports. The company traded as high as $76.62 and last traded at $75.53, with a volume of 1,087,596 shares trading hands. The stock had previously closed at $75.37.
A number of other firms have also recently commented on AVGO. Analysts at Citigroup Inc. reiterated a “buy” rating on shares of Avago Technologies in a research note on Monday, July 14th. They now have a $90.00 price target on the stock, up previously from $46.00. Separately, analysts at Raymond James reiterated an “outperform” rating on shares of Avago Technologies in a research note on Friday, May 30th. They now have a $83.00 price target on the stock, up previously from $65.00. Finally, analysts at Goldman Sachs raised their price target on shares of Avago Technologies to $78.00 in a research note on Friday, May 30th. Three investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $75.39.
The stock has a 50-day moving average of $72.55 and a 200-day moving average of $66.52. The company has a market cap of $19.068 billion and a price-to-earnings ratio of 31.69.
Avago Technologies (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, May 29th. The company reported $0.85 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.76 by $0.09. The company had revenue of $901.00 million for the quarter, compared to the consensus estimate of $679.59 million. During the same quarter last year, the company posted $0.61 earnings per share. Avago Technologies’s revenue was up 24.7% compared to the same quarter last year. Analysts expect that Avago Technologies will post $3.99 EPS for the current fiscal year.
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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