NEW YORK (TheStreet) -- Shares of Avago Technologies (AVGO) skyrocketed to close higher by 8.35% to $103.07 on more than triple its average trading volume Thursday, on positive analyst actions following its better than expected fourth quarter earnings results.
The stock got a boost as two firms raised their price target on shares of the semiconductor company. Analysts at Pacific Crest upped the company's price target to $115 from $90, while analysts at Canaccord Genuity increased their price target to $122 from $97.
Avago Technologies, which makes chips used in smartphones and supplies parts to Apple (AAPL) for its iPhones, reported fiscal fourth quarter earnings of $1.99 per share, beating analysts' estimates of $1.68 per share.
Must Read: Warren Buffett's 25 Favorite Stocks
Revenue for the quarter more than doubled from last quarter to $1.6 billion dollars, also topping analysts' estimates of $1.55 billion.
Separately, TheStreet Ratings team rates AVAGO TECHNOLOGIES LTD as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate AVAGO TECHNOLOGIES LTD (AVGO) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, good cash flow from operations, expanding profit margins and solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income."