Avago Technologies Sees Strong Trading Volume on Analyst Upgrade (AVGO)
Avago Technologies (NASDAQ:AVGO) saw unusually-high trading volume on Tuesday after Davidson raised their price target on the stock from $75.00 to $84.00, Stock Ratings Network reports. Approximately 2,598,864 shares were traded during mid-day trading, an increase of 40% from the previous session’s volume of 1,862,317 shares.The stock last traded at $84.07 and had previously closed at $82.09.
AVGO has been the subject of a number of other recent research reports. Analysts at RBC Capital raised their price target on shares of Avago Technologies from $87.00 to $99.00 in a research note on Friday. Separately, analysts at Jefferies Group raised their price target on shares of Avago Technologies from $76.00 to $84.00 in a research note on Friday. Finally, analysts at Barclays raised their price target on shares of Avago Technologies from $85.00 to $90.00 in a research note on Friday. Three equities research 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’s stock. The company presently has an average rating of “Buy” and a consensus target price of $86.89.
The stock’s 50-day moving average is $73.31 and its 200-day moving average is $67.77. The company has a market cap of $21.188 billion and a P/E ratio of 71.57.
Avago Technologies (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, August 28th. The company reported $1.26 earnings per share (EPS) for the quarter, beating the 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 previous year, the company posted $0.74 earnings per share. The company’s revenue for the quarter was up 99.8% on a year-over-year basis. Analysts expect that Avago Technologies will post $4.63 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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