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UPDATE: D.A. Davidson & Co. Upgrades Avago Technologies Ahead of Wednesday Conference Call

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In a report published Monday, D.A. Davidson & Co. analyst Thomas Diffely upgraded the rating on Avago Technologies Ltd. (NASDAQ: AVGO) from Neutral to Buy, and raised the price target from $41.00 to $55.00.

In the report, D.A. Davidson & Co. noted, “Avago is scheduled to report FQ4'13 (October) earnings results Wednesday, December 4th, after the close, with a conference call to follow at 2:00 PM PT. We believe the company will report results in line to slightly above Street expectations of $734 million in revenue and $0.81 in non-GAAP EPS (our estimates are $730 million and $0.82, respectively). The results should also be squarely inside company guidance calling for revenue to be up 12%-15% sequentially, in the range of $721-$740 million, driven by ~20% sequential growth expected in Wired and mid-teens in Wireless. AVGO also projects gross margins of 50% (+/- 1%), reflecting product mix shifts and acquisition impacts, and anticipates opex to increase $8 million quarter-over-quarter to $145 million.”

Avago Technologies closed on Friday at $44.73.

Latest Ratings for AVGO

DateFirmActionFromTo
Sep 2020Piper SandlerMaintainsOverweight
Sep 2020Wells FargoMaintainsEqual-Weight
Sep 2020Deutsche BankMaintainsBuy

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Posted-In: D.A. Davidson & Co. Thomas DiffelyAnalyst Color Upgrades Analyst Ratings

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