Avago Technologies (AVGO) stock hit a new high Tuesday for the second day in a row, as analysts applauded its $6.6 billion of chipmaker LSI (LSI). Avago stock was up 6.5%, near 53.50, in midafternoon trading in the stock market today. Analyst Doug Freedman at RBC Capital markets raised his price target on Avago to 64 from 53. Analyst Michael Walkley at Canaccord Genuity raised his price target to 65 from 54. “We believe the acquisition will
Analog chip designer Avago Technologies (AVGO) announced Monday that it will acquire storage and networking chipmaker LSI (LSI) for $6.6 billion in cash, sending Avago stock to an all-time high. Avago will pay $11.15 a share for LSI, a 41% premium over LSI’s closing price on Friday. LSI stock was up 39%, near 11, in afternoon trading in the stock market today. Avago stock was up 9%, near 50, in afternoon trading Monday. The deal will add
Major product ramps from cellphone customers helped chip developer Avago Technologies (AVGO) exceed fiscal Q4 earnings expectations, sending its stock to a new high. Avago stock was up 5.5%, near 47, in afternoon trading in the stock market today. Earlier, the stock touched 47.43, exceeding its previous high of 47.21 touched on Oct. 21. Avago stock is up nearly 50% in 2013. Avago develops and sells a broad range of analog chips in three primary