Jefferies Says Avago Technologies (AVGO) Dips Good Buying Opportunity

Yesterday Avago Technologies (NASDAQ: AVGO) lowered revenue estimates but analysts at Jefferies think the company remains "one of the best plays on LTE phones".

"We expect AVGO to be the major beneficiary of FBAR filter growth as LTE phones that require FBAR filters ramp into the market over the next several years. We think this gives the company better visibility into growth than most semiconductor companies," said analyst Mark Lipacis.

Lipacis thinks the LTE FBAR TAM could expand to over $500 million annually within the next several years, and believes AVGO is best positioned to benefit.

Jefferies has a Buy rating on Avago Technologies (NASDAQ: AVGO) with a revised price target of $42.00 (from $43.00).

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 $35.10 yesterday.

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