Goldman Maintains “Buy” Rating On Avago Technologies (AVGO)
Goldman Sachs announced on Monday that it was maintaining its “buy” rating on the global supplier of semiconductor devices, Avago Technologies (AVGO), ahead of its earnings release tomorrow.
James Schneider, an analyst with the firm, said that he expects Avago Technologies to report quarterly results that fall in-line with analysts’ estimates. Schneider noted, ”We expect 4QFY sales to be guided up about 10% qoq (~$681 mn), slightly below the Street at $697 mn. However, the stock’s intra-quarter underperformance likely reflects lowered expectations into the report (Exhibit 2), and we think the stock can trade well even on slightly weaker guidance.”
Avago Technologies shares rallied higher on Monday, gaining 2.01% on the day. The stock is up 18% YTD.
The Bottom Line
Shares of Avago Technologies (AVGO) are yielding 2.24% based on Monday’s closing price of $37.48.
Avago Technologies (AVGO) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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