Citi Says Avago Technologies Top Pick

Citi Investment Research is out with a research report on Avago Technologies (NASDAQ: AVGO) and it has a Buy rating and a $42 price target on shares.

In a note to clients, Citi Investment Research writes, "We recommend using last week's underperformance to aggressively add to positions in top pick AVGO. AVGO underperformed the group 17% in Oct and 11% last week for several factors outlined below. We anticipate global PMI Tues., QCOM results Wed., and AVGO's year-end results 12/6 to be positive catalysts for the stock."

Shares of AVGO lost 17 cents on Friday to close at $33.59.