Avago ‘Extends Runway’ To Outperform, Gets PT Hikes
Avago Technologies (AVGO) hit a new high and received several price target increases Thursday after reporting better-than-expected fiscal Q1 earnings and guidance, driven by Apple iPhone and enterprise storage demand. After the market close Wednesday, the Singapore-based wireless chipmaker also announced plans to acquire networking company Emulex (ELX) for $606 million, or $8 a share. It expects the deal to close before November. “In our view,