D.A. Davidson Reiterates Neutral Rating, $38 PT on Avago Technologies

In a report published Friday, D.A. Davidson & Co. reiterated its Neutral rating and $38.00 price target on Avago Technologies Ltd.

. D.A. Davidson noted, “While we are encouraged by the Wireless business and further investment in FBAR, we remain concerned about the decrease in Industrial revenue and clouded Wired outlook. We see strong growth continuing in the Wireless segment and a potential bottom in others, but we don't expect tremendous growth at this time. Our new estimates for FY2013 are for flattish revenue and EPS. We are maintaining our NEUTRAL rating. Our $38 price target is based on 13.5x our FY2013 EPS estimate of $2.80.” Avago Technologies Ltd. closed on Thursday at $35.10.