UPDATE: Topeka Capital Markets Initiates Avago Technologies Limited at Buy on LTE, Smartphone Exposure

Topeka Capital Markets initiated coverage on Avago Technologies Limited AVGO with a Buy rating and a $40.00 price target. Topeka Capital Markets commented, "We believe that Avago will continue to benefit from its leadership in the BAW filter market as we see band proliferation in smartphones driven by LTE. While the Company continues to benefit from its relationship with Apple (AAPL-$525.31: Buy), , we believe the contribution from Samsung should improve as well going forward driven primarily by BAW filters. Furthermore, we expect to see stabilization in Avago's analog business, which has been a source of weakness thus far due to soft industrial and communications markets." Avago Technologies Limited closed at $32. on Tuesday.