UPDATE: D.A. Davidson & Co. Reiterates On Avago Technologies Ltd. After July Results Exceed Expectations

In a report published Friday, D.A. Davidson & Co. analyst Thomas Diffely reiterated a Neutral rating on Avago Technologies Ltd. (NASDAQ: AVGO), and raised the price target from $75.00 to $84.00.

In the report, D.A. Davidson & Co. noted, “F3Q (Jul) results exceed expectations. Non-GAAP revenue and EPS of $1,394 million and $1.26 per share exceeded the Street mean of $1,335 million and $1.05 per share. Performance across Wireless, Wired Infrastructure and Enterprise Storage were in line with expectations while the Industrial segment grew above expectations. Margin and earnings upside were aided by the discontinuation of a couple of loss making groups from LSI.”

Avago Technologies Ltd. closed on Thursday at $76.36.