Sterne Agee Upgrades Avago Technologies To Buy

According to Sterne Agee, Avago Technologies (NASDAQ: AVGO) is upgraded to Buy.

Sterne Agee said that it is upgrading AVGO from a Neutral to a BUY, PT of $45, 14x C13E EPS, as the company starts to gain traction in some of its key markets – Smartphone 4G/LTE, wired Infrastructure and much of the overhang is removed. “Avago is now better positioned with solid execution, cash flow with almost 30% OpM, valuations and a hybrid manufacturing model.”

Avago Technologies closed yesterday at $33.52.