Goldman Sachs Starts Avago Technologies (AVGO) at Neutral; We Like, But Shares Reflect Mutual Feeling

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Goldman Sachs initiates coverage on Avago Technologies (NASDAQ: AVGO) with a Neutral. PT $40.00.

Analyst, James Schneider, said, "We are constructive on Avago’s growth trajectory in the wireless market, driven by strong exposure to Apple (Nasdaq: AAPL), LTE technology and Qualcomm-based smartphone designs. We also believe Avago can drive outsized growth in enterprise networking with share gains at Cisco (Nasdaq: CSCO), Juniper (Nasdaq: JNPR) and HP (NYSE: HPQ) as its high-performance technology is differentiated in this market. However, we think the Avago story is well understood by the market and risk/reward is now balanced, as Avago’s multiple already reflects a growth premium."

For an analyst ratings summary and ratings history on Avago Technologies click here. For more ratings news on Avago Technologies click here.

Shares of Avago Technologies closed at $36.69 yesterday, with a 52 week range of $26.42-$39.22.

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