Avago Technologies Rating Reiterated by DA Davidson (AVGO)
Avago Technologies (NASDAQ:AVGO)‘s stock had its “neutral” rating reissued by investment analysts at DA Davidson in a note issued to investors on Friday. They currently have a $84.00 price target on the stock, up from their previous price target of $75.00. DA Davidson’s price target would suggest a potential upside of 10.01% from the stock’s previous close.
The analysts wrote, “F3Q (Jul) results exceed expectations. Non-GAAP revenue and EPS of $1,394 million and $1.26 per share exceeded the Street mean of $1,335 million and $1.05 per share. Performance across Wireless, Wired Infrastructure and Enterprise Storage were in line with expectations while the Industrial segment grew above expectations. Margin and earnings upside were aided by the discontinuation of a couple of loss making groups from LSI.”
Avago Technologies (NASDAQ:AVGO) traded up 8.79% on Friday, hitting $83.07. 3,943,864 shares of the company’s stock traded hands. Avago Technologies has a 52-week low of $38.04 and a 52-week high of $77.21. The stock has a 50-day moving average of $73.06 and a 200-day moving average of $67.58. The company has a market cap of $20.910 billion and a price-to-earnings ratio of 32.11.
Avago Technologies (NASDAQ:AVGO) last released its earnings data on Thursday, August 28th. The company reported $1.26 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.05 by $0.21. The company had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter in the prior year, the company posted $0.74 earnings per share. The company’s quarterly revenue was up 99.8% on a year-over-year basis. Analysts expect that Avago Technologies will post $4.01 EPS for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Morgan Stanley reiterated a “positive” rating on shares of Avago Technologies in a research note on Friday. Separately, analysts at Pacific Crest raised their price target on shares of Avago Technologies to $90.00 in a research note on Friday. Finally, analysts at Oppenheimer raised their price target on shares of Avago Technologies from $85.00 to $100.00 in a research note on Friday. They now have an “outperform” rating on the stock. Four analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $83.88.
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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