UPDATE: Canaccord Genuity Raises PT to $43 on Avago Technologies on Strong Wireless Guidance
Canaccord Genuity reiterated its Buy rating on Avago Technologies (NASDAQ: AVGO) and increased its price target from $42 to $43.
Canaccord Genuity noted, "Avago reported strong Q3/F2012 results with mixed Q4/F2012 sales guidance, as very strong wireless guidance was offset by softer guidance in the Wired Infrastructure, Industrial, and Consumer divisions. We believe Avago's proprietary technologies, strong IP portfolio, and diverse customer base in several strong growth markets positions the company for strong long-term earnings growth. In fact, we believe Avago is well positioned for several secular growth drivers including smartphones with increasing LTE content, industrial growth in emerging markets, and increasing global demand for bandwidth."
Avago Technologies closed at $36.91 on Thursday.
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Tags: Canaccord Genuity