Applied Micro Circuits Corp Coverage Initiated at Topeka Capital Markets (AMCC)
Equities researchers at Topeka Capital Markets started coverage on shares of Applied Micro Circuits Corp (NASDAQ: AMCC) in a research report issued on Friday, TheFlyOnTheWall.com reports. The firm set a “hold” rating and a $8.00 price target on the stock. Topeka Capital Markets’ price target would suggest a potential upside of 2.04% from the company’s current price.
The analysts wrote, “While we are encouraged by AMCC’s improving profitability and growth opportunity across data center networking and servers, we believe these expectations are embedded at current levels. We are nonetheless optimistic on longer-term growth prospects and would wait for a more favorable entry point prior to getting aggressive on the shares.”
Other equities research analysts have also recently issued reports about the stock. Analysts at FBR Capital Markets initiated coverage on shares of Applied Micro Circuits Corp in a research note to investors on Monday. They set an “outperform” rating and a $11.00 price target on the stock. Analysts at Zacks reiterated a “neutral” rating on shares of Applied Micro Circuits Corp in a research note to investors on Monday, May 13th. They now have a $8.50 price target on the stock.
Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $8.83.
Shares of Applied Micro Circuits Corp (NASDAQ: AMCC) remained flat at $7.84 during during mid-day trading trading on Friday. Applied Micro Circuits Corp has a 52 week low of $4.28 and a 52 week high of $9.64. The stock’s 50-day moving average is currently $7.59. The company’s market cap is $529.7 million.
Applied Micro Circuits Corp (NASDAQ: AMCC) last released its earnings data on Thursday, April 25th. The company reported $0.00 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.01. The company had revenue of $56.33 million for the quarter, compared to the consensus estimate of $55.92 million. During the same quarter in the previous year, the company posted ($0.10) earnings per share. The company’s revenue for the quarter was up 15.5% on a year-over-year basis. Analysts expect that Applied Micro Circuits Corp will post $0.06 EPS for the current fiscal year.
Applied Micro Circuits Corporation (NASDAQ: AMCC) provides semiconductor solutions for the enterprise, telecom and consumer/small medium business (SMB) markets.
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