Avago (AVGO) PT Lifted to $100 at BofA/Merrill Lynch
- EMC (EMC) in Talks with Dell on Merger Deal - WSJ
- Fed Officials Said 'Prudent' to Wait for Clarity on Outlook
- Unusual 11 Mid-Day Movers 10/8: (WGBS) (EDUC) (JMG) Higher; (BCRX) (EXAS) (CSII) Lower
- House Republicans in chaos as favorite McCarthy quits Speaker race
- Wall St. slips ahead of Fed minutes; Apple weighs
BofA/Merrill Lynch analyst Vivek Arya reiterated a Buy rating on Avago Technologies (NASDAQ: AVGO) and boosted his price target to $100.00 (from $85.00) following solid Q3 results with solid growth and consisted execution.
"We believe Street continues to under-appreciate this self-help story where mgmt has a proven record of cutting costs, paying down debt, and executing on multiple secular growth cycles including in smartphone RF (iPhone 6, China LTE) and in enterprise storage/networking," Arya said.
The firm materially raises FY14/15 pro-forma EPS by 20/25% or 77c/$1.36 to $4.68/$6.64
Shares of Avago Technologies closed at $76.36 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Oppenheimer Raises Price Target on Global Payments (GPN) to $136 Following 1Q16 Earnings
- Canaccord Genuity Raises Price Target Based on V.F. Corp.'s (VFC) Diversified Portfolio
- Needham & Company Cuts Price Target as SunEdison (SUNE) Makes Restructuring Efforts
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesMerrill Lynch, Bank of America
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!