UPDATE: J.P. Morgan Raises PT on Avago Technologies to $26 (AVGO)

J.P. Morgan is out with its report today on Avago Technologies (NASDAQ: AVGO), raising its price target from $22 to $26.

In a note to clients, J.P. Morgan writes, "We are maintaining our Neutral rating on AVGO but raising our December 2011 price target from $22.00 to $26.00, which reflects 12.3X our C11E EPS, a slight discount to its peers due to our concerns about downside to Consensus estimates."

At the time of posting, shares of AVGO were trading pre-market at $31.51, up 0.54% from Wednesday's close.