Avago Technologies Ltd (NASDAQ:AVGO) announced that, at its shareholder meeting held earlier today, its shareholders have voted overwhelmingly to approve their previously announced business combination transaction with Broadcom Corporation, with over 99% of the votes cast by Avago shareholders voted in favor of the transaction.
Avago and Broadcom announced their merger agreement on May 28, 2015. The companies have received clearance on their proposed merger from the Committee on Foreign Investments in the United States and antitrust authorities in the United States, Japan and Taiwan. Among other customary conditions to closing, the transaction remains subject to regulatory approvals from the European Commission and antitrust authorities in China and South Korea, all of which are progressing. Avago currently anticipates that these remaining approvals will be received and expects the transaction to close late in calendar year 2015 or early in 2016. (Original Source)
Shares of Avago Technologies closed today at $119.86, down $6.64 or 5.25%. AVGO has a 1-year high of $150.50 and a 1-year low of $83.50. The stock’s 50-day moving average is $122.11 and its 200-day moving average is $127.19.
On the ratings front, Avago has been the subject of a number of recent research reports. In a report released today, Drexel Hamilton analyst Cody Acree initiated coverage with a Buy rating on AVGO and a price target of $156, which represents a potential upside of 30.2% from where the stock is currently trading. Separately, on November 3, Pacific Crest’s John Vinh maintained a Buy rating on the stock and has a price target of $170.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Cody Acree and John Vinh have a total average return of 17.7% and 4.2% respectively. Acree has a success rate of 52.6% and is ranked #278 out of 3832 analysts, while Vinh has a success rate of 42.3% and is ranked #1216.
The street is mostly Bullish on AVGO stock. Out of 15 analysts who cover the stock, 14 suggest a Buy rating and one recommends to Hold the stock. The 12-month average price target assigned to the stock is $159.00, which represents a potential upside of 32.7% from where the stock is currently trading.
Avago Technologies Ltd is engaged in manufacturing semiconductor products such as optoelectronics, radio-frequency and microwave components, and application-specific integrated circuits.