Analyst Upgrades

• KeyBanc upgraded Las Vegas Sands (LVS) to hold from underweight based on Singapore performance and a potential revaluation of the yuan.
• ThinkEquity upgraded Seattle Genetics (SGEN) to buy from hold based on the positive SGN-35 HL data. The firm raised its price target to $16 from $12.
• Merriman upgraded Applied Signal (APSG) to buy from neutral with a $28 to $31 valuation range, citing greater confidence in earnings estimates and the company's recent contract wins.
• Siliconware Precision (SPIL) was upgraded to neutral from underperform at Macquarie.
• Pulte Group (PHM) was upgraded to neutral from sell at Goldman.
• Greenbrier (GBX) was upgraded to outperform from market perform at Morgan Keegan.

Avago has a rich history, going back more than 40 years. In fact, the roots of the company come from Hewlett-Packard (NYSE: HPQ).

Yesterday, Avago has set a new chapter in its history; that is, a public offering. The company issued 43.2 million shares at $15 each, which was at the top of it $13-$15 range. What's more, Avago was able to sell 7.2 million more shares than expected.

Avago develops analog semiconductor devices, with a portfolio of roughly 6,500 products. The target markets include diverse areas like wired infrastructure, industrial/automotive electronics, wireless communications and even computing peripherals. Yes, Avago's solutions are certainly ubiquitous.

The roots of Avago Technologies Ltd. go back to the early 1960s when it was a part of Hewlett-Packard (NYSE: HPQ). Since then, the company has been spun out (in 1999) and even underwent a leveraged buyout -- with the private equity sponsors of KKR and Silver Lake (in 2005). They both own about 80.9% of the outstanding shares.

Now, Avago is prepping to become a public company again. Although, in light of the current state of the markets, the deal could be a tough sale.

Avago develops a wide range of analog semiconductor devices (the portfolio includes about 7,000 products). There are more than 5,000 patents on the technology.

Moreover, Avago's base is extensive, with about 40,000 customers across the world. For the past 12 months, the company posted revenues of about $1.527 billion.

Interestingly enough, one of the underwriters on the public offering is KKR Capital Markets. Yes, this is KKR's attempt to diversify its business platform. No doubt, this will be a critical test case as KKR plans to become a public company in Q4.

If you want to learn more about the public offering, you can find the prospectus at the SEC website.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates MergerBook.com.