Mizuho Raise Estimates, PT on Avago (AVGO) on Solid Execution

Mizuho Securities reiterated a Buy rating on Avago Technologies (NASDAQ: AVGO), and raised the price target to $175.00 (from $165.00), following the company's 4Q earnings report. AVGO reported solid revenues of $1.85B, in-line with consensus. EPS was reported at $2.51, beating consensus' estimate of $2.38. The company guided to a stable JanQ despite handset concerns.

Analyst Vijay Rakesh commented, "AVGO reported a solid 4Q15 Rev/EPS at $1.85B/$2.51, with GMs and OM ~200bps ahead of consensus. The company guided to a stable JanQ despite handset concerns. With the weakest handset quarter behind and AVGO preparing for the BRCM acquisition close, we believe this presents an opportunity for investors. With post-merger EPS/FCF of ~$13-$14/$5.75B/yr by 2017E, plus a dividend, we view AVGO as a core semiconductor holding. Reiterating our Buy, raising estimates and raising PT to $175."

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 $132.21 yesterday.

You May Also Be Interested In

• Natera (NTRA) PT Raised to $270 at BTIG
• Public Storage (PSA) PT Raised to $338 at Truist Securities
• Allegiant Travel Company (ALGT) PT Raised to $103 at UBS