Nomura Securities Maintains a 'Buy' on Avago Technologies (AVGO); Shares Look Undervalued

Nomura Securities maintains a 'Buy' on Avago Technologies (NASDAQ: AVGO) price target of $44.00.

Analyst, Romit Shah, said, "Investing in companies is as much about the management teams as anything else. Avago’s leadership has delivered a solid track record of growth. The 3-year CAGR on sales is +12% (comp 7%), EPS is +48%, and FCF is +65%...Wireless has strong secular tailwinds that should continue to drive above-average growth in 2012 and 2013. Overall, we forecast wireless to grow 20% in 2012 and 16% in 2013."

"Overall, we believe our FY12 forecast of $2.4B (+3% YoY) in revenue and $2.55 in EPS is achievable."

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 $34.80 yesterday.

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