NEW YORK (TheStreet) -- Avago Technologies (AVGO) shares are up 5.5% to $100.35 in early market trading on Thursday after the analog semiconductor manufacturer had its price target raised by analysts at Pacific Crest and Canaccord Genuity following the release of the company's fourth quarter financial results on Wednesday.
Analysts at the Pacific Crest raised the company's price target to $115 from $90, while analysts at Canaccord Genuity upped the price target on the company to $122 from $97. The increases represent potential upsides from the stock's current price of 14.6% and 21.5%, respectively.
Avago Technologies reported fourth quarter earnings of $1.99 that easily beat analysts' $1.68 expectations, helped primarily by strong sales of Apple's (AAPL) iPhone 6 for which the company builds components.
Must Read: Warren Buffett's 25 Favorite Stocks
TheStreet Ratings team rates AVAGO TECHNOLOGIES LTD as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate AVAGO TECHNOLOGIES LTD (AVGO) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, good cash flow from operations and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and premium valuation."