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UPDATE: Morgan Stanley Reiterates On Avago Technologies Ltd. Following Solid Quarter Beat

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In a report published Friday, Morgan Stanley analyst Craig Hettenbach reiterated an Overweight rating on Avago Technologies Ltd. (NASDAQ: AVGO), but lowered the price target from $80.00 to $78.00.

In the report, Morgan Stanley noted, “April quarter sales and EPS were 3%/12% ahead of expectations and the company guided July quarter sales 1.5% above our estimate. There was a lot of variability by business segment relative to expectations, with wireless coming in well above and comm and industrial missing. For the second quarter in a row Avago handily beat on GM, with improving mix in wireless driving 230 bp of upside. On a negative note, share count was guided 15mn shares higher, with half due to the conversion premium in the Silver Lake convertible debt. We lower our EPS by ~4% and our PT comes down by $2 to $78.”

Avago Technologies Ltd. closed on Thursday at $70.79.

Latest Ratings for AVGO

DateFirmActionFromTo
Dec 2020RosenblattMaintainsBuy
Dec 2020KeyBancMaintainsOverweight
Dec 2020Credit SuisseMaintainsOutperform

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