New York, September 29 (FinanceEnquiry.com) – Analyst Ross Seymore at Deutsche Bank Securities reiterates BUY rating on the shares of Avago Technologies Limited (NASDAQ: AVGO). The 12-month target price is set to $41.
In a research note published on September 28, the analyst mentions that in order to talk about trends within the wireless industry, FBAR filter technology of Avago Technologies Limited and the prospect of smartphone RF front-ends, a conference call with CEO Hock Tan and CFO Doug Bettinger of AVGO was hosted yesterday.
In addition to this, for the question that why the transition from 3G to LTE smartphones is driving demand for the Avago Technologies’ FBAR filters and front-end modules (FEM), management of AVGO gave more than a few reasons.
Also, the company seemed to be confident on the subject of meeting their previous guidance for +20 percent to 30 percent q/q Wireless segment revenue growth in the quarter, although company’s F4Q (October) financial outlook is not updated by Avago Technologies.
Furthermore, driven by market share gains in Wireless and Wired communications, Avago Technologies Limited is believed having strongest product cycles in the semi group, even though no company is protected to macro headwinds or concerns.
In CY13, development in Wired or Industrial segments of Avago Technologies Limited is hoped for and moreover this, the company is anticipated to be benefited from launches of consumer LTE smartphone in 2H12 or 2013. As a result, reiterations of BUY rating and target price of $41 are done. Moreover, estimated historical P/E analysis for the years 2012 and 2013 are 15.9 x and 14 x, respectively, while for 2011, actual P/E analysis was 14.7 x, the analyst adds further.
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