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

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Shares of Avago Technologies closed at $76.36 yesterday.