UPDATE: Deutsche Bank Raises Target on Avago Technologies to $41

Deutsche Bank maintains its Buy rating on Avago Technologies AVGO and raies its price target to $41 from $38 on solid quarter results and above-expectation guidance. Deutsche Bank says, "Avago reported solid Jan Q results driven by strong execution in Wireless, despite more inventory destocking across the Industrials food chain. More importantly, April Q guidance exceeded our expectations, reflecting outlook for continued strength in Wireless, modest growth in Industrials and Wired and tight expense controls. Overall, we continue to see upside in AVGO shares based on the co's ability to outgrow its peers, increase its cash returns to shareholders (divd+repo) and its discount valuation." AVGO closed at $35.90 a share on Wednesday.