NEW YORK (TheStreet) -- Shares of Avago Technologies (AVGO) were trading up 2.47% to $145.89 on heavy volume in late morning trading Friday, after analysts at Brean Capital upped their target for shares of the smartphone chip maker earlier today.
The firm raised its price target to $180 from $145, while maintaining its "buy" rating.
The firm noted the combined company should create a "powerhouse communications semiconductors."
Yesterday, the company announced its $37 billion acquisition deal of fellow chipmaker Broadcom.
Late Thursday, Avago reported mixed fiscal second-quarter financial results. It earned $2.13 per share on $1.61 billion in revenue for the period.
The Wall Street consensus estimate called for a profit of $2.01 per share on revenue of $1.635 billion, according to analysts surveyed by Thomson Reuters.
About 4.73 million shares of Avago have exchanged hands as of 10:56 a.m. ET today, compared to its average trading volume of about 3.22 million shares a day.
Singapore-based Avago Technologies is a designer, developer and global supplier of a range of analog semiconductor devices with a focus on III-V based products.
The company serves three primary target markets including wireless communications, wired infrastructure, and industrial.
Separately, TheStreet Ratings team rates AVAGO TECHNOLOGIES LTD as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate AVAGO TECHNOLOGIES LTD (AVGO) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its robust revenue growth, expanding profit margins, good cash flow from operations, increase in net income and solid stock price performance. We feel its strengths outweigh the fact that the company has had somewhat disappointing return on equity."
You can view the full analysis from the report here: AVGO Ratings Report