Nomura Securities Maintains a 'Buy' on Avago Technologies (AVGO); Q1 Exceeded Expectations
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Price: $392.99 -5.94%
Rating Summary:
50 Buy, 5 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
50 Buy, 5 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Nomura Securities maintains a 'Buy' on Avago Technologies (NASDAQ: AVGO) price target of $40.00.
Analyst, Romit Shah, said, "January quarter results were better than expected. Revenues of $563mn (-9.6% q/q) and proforma EPS including options of $0.57 were better than our estimates of $561mn/$0.55 and consensus of $553/$0.53. Gross margin at 51% was a stand-out, given that industrial fell to its lowest levels in three years. But we believe industrial will recover, and considering a solid positioning in wireless, there should be more upside potential to numbers this year. Our 2012E EPS is unchanged at $2.76. We are establishing a 2013 estimate of $3.20. These figures include option expense...We would continue to buy the stock."
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 $35.90 yesterday.
Analyst, Romit Shah, said, "January quarter results were better than expected. Revenues of $563mn (-9.6% q/q) and proforma EPS including options of $0.57 were better than our estimates of $561mn/$0.55 and consensus of $553/$0.53. Gross margin at 51% was a stand-out, given that industrial fell to its lowest levels in three years. But we believe industrial will recover, and considering a solid positioning in wireless, there should be more upside potential to numbers this year. Our 2012E EPS is unchanged at $2.76. We are establishing a 2013 estimate of $3.20. These figures include option expense...We would continue to buy the stock."
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 $35.90 yesterday.
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