Avago (AVGO) PT Lifted to $100 at BofA/Merrill Lynch
- Top 10 News for 4/25 - 4/29: Merger Madness!; Valeant Hies New Boss; Icahn's Exit of Apple Could be Telling Sign
- Wall Street falls as earnings weigh; Dow, S&P up for month
- Amazon.com (AMZN) Tops Q1 EPS by 49c; Issues Q2 Outlook
- Exclusive: Yahoo's bidder shortlist points to cash deal -sources
- Yen posts biggest weekly gain since 2008, stocks slip
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
- FBR Capital Downgrades Cloud Peak Energy (CLD) to Underperform
- UBS Downgrades Molina Healthcare (MOH) to Neutral
- NXP Semiconductors (NXPI) Added to Jefferies' Franchise Pick; PT to $130
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!