Deutsche Bank reiterated its Buy rating and PT of $40 on Avago Technologies

Deutsche Bank reiterated its Buy rating on Avago Technologies (NASDAQ: AVGO). At the same time, Deutsche Bank left its price target unchanged at $40, following Avago's solid Q1 results.

In a research report published today, Deutsche Bank states, "Avago delivered solid F2Q11 results with revenue at the high-end of guidance. With the inventory correction largely complete the company guided for growth across all markets in F3Q11. Wireless is poised to show the best growth as AVGO leverages its competitive advantage in 4G by boosting market share and ASPs. With an expanding set of proprietary products we believe AVGO is well positioned to grow revenue and margins in 2011. Reiterate Buy rating and $40 P/T."

On Tuesday, Avago lost 1% of its value to close the day at $31.71. Its shares regained all of yesterday's losses in today's pre-market trading, however, rising 2.18% to $32.40.