Deutsche Bank Raises Avago Technologies Price Target As FBAR Momentum Continues
Deutsche Bank analyst Ross Seymore today joined the crowd, maintaining a Buy rating on Avago Technologies (NASDAQ:AVGO) and raising the price target to $115 (from $100), which implies an upside of 13% from current levels.
Seymore wrote, “AVGO once again delivered solid results in F4Q and issued a stronger F1Q guide, showcasing the better-than-expected progress in LSI and continued FBAR content story. Looking forward, we continue to believe the FBAR content story has legs, driven by proliferation of LTE and adoption of advanced features (e.g., LTE-A, envelope tracking, carrier aggregation etc.) which require greater filtering needs.”
The analyst continued, “Given the combination of continued FBAR momentum, LSI-bolstered strength in Wired and Storage, incremental cost cutting, and upcoming deleveraging, we maintain our Buy and raise our P/T to $115. “
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Ross Seymore has a total average return of 33.3% and a 88.9% success rate. Seymore has a 68.5% average return when recommending AVGO, and is ranked #23 out of 3395 analysts.