Brean Capital Sees Another Great Report For Avago Technologies Ltd.
In a report published Friday, Brean Capital analyst Mike Burton reiterated a Hold rating on Avago Technologies Ltd. (NASDAQ: AVGO).
In the report, Brean Capital noted, “Avago gave another great report -- this is a story that just keeps getting better. The strong guidance for the October quarter is due to the large Apple ramp plus increasing content at ALL OEMs which we view as a near and long term driver for the sector and AVGO in particular. A notable positive in the July quarter is that the large OPEX reduction due to the sales of LSI's Flash and Networking assets. Avago has an enviable position to benefit from the 4G ramp at China Mobile and worldwide with its proprietary FBAR filter technology, strong growth potential with its Wired Infrastructure/Networking portfolio, and a solid high-margin Analog portfolio. We are raising our estimates and fair value target range to $86-$90 from $76-$80. We continue to view AVGO as an excellent company, and would use dips in the stock as an opportunity to accumulate shares of this extremely well-managed, diversified growth story.”
Avago Technologies Ltd. closed on Thursday at $76.36.
Latest Ratings for AVGO
|Dec 2014||Morgan Stanley||Maintains||Overweight|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.