Avago Technologies (AVGO) Stock Skyrocketed to Close Higher Today on Positive Analyst Actions

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

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

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."

AVGO Chart AVGO data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

More from Markets

What Market Selloff? Dow Futures Are Popping on Sunday

What Market Selloff? Dow Futures Are Popping on Sunday

Street Stats: The Mid-Term Elections May Be a Rollercoaster Ride for Investors

Street Stats: The Mid-Term Elections May Be a Rollercoaster Ride for Investors

Apple and GE Switch Roles; Musk's Super Control of Tesla Explained -- ICYMI

Apple and GE Switch Roles; Musk's Super Control of Tesla Explained -- ICYMI

Trump May Be More to Blame For Higher Oil Prices Than OPEC

Trump May Be More to Blame For Higher Oil Prices Than OPEC

Dow Falls Over 200 Points as Apple's Slump Offsets Gains in General Electric

Dow Falls Over 200 Points as Apple's Slump Offsets Gains in General Electric