PMC-Sierra Stock Rating Reaffirmed by Zacks (PMCS)
PMC-Sierra (NASDAQ:PMCS)‘s stock had its “neutral” rating restated by Zacks in a report issued on Monday, Stock Ratings Network.com reports. They currently have a $6.75 target price on the stock. Zacks‘ price objective suggests a potential upside of 6.13% from the stock’s previous close.
Zacks‘ analyst wrote, “Internet infrastructure semiconductor solutions provider, PMC-Sierra’s third-quarter earnings missed the Zacks Consensus Estimate due to economic softness and slower-than-expected carrier spending, partially offset by solid expense management. While improvement in the Storage and Mobile market segments as well as introduction of several major new products were quite encouraging, softness in the Optical segment and weak carrier spending remains a matter of concern. We also believe that lack of visibility and macro uncertainty could keep the share price range bound. We are therefore reiterating our Neutral rating on the company’s shares.”
Several other analysts have also recently commented on the stock. Analysts at JPMorgan Chase & Co. cut their price target on shares of PMC-Sierra from $6.50 to $6.00 in a research note to investors on Tuesday, October 29th. They now have a “neutral” rating on the stock. Analysts at Jefferies Group cut their price target on shares of PMC-Sierra from $6.50 to $6.30 in a research note to investors on Tuesday, October 29th. They now have a “hold” rating on the stock. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. PMC-Sierra has an average rating of “Hold” and a consensus price target of $6.51.
Shares of PMC-Sierra (NASDAQ:PMCS) traded down 0.79% during mid-day trading on Monday, hitting $6.31. 1,612,247 shares of the company’s stock traded hands. PMC-Sierra has a one year low of $5.30 and a one year high of $7.14. The stock has a 50-day moving average of $6.1 and a 200-day moving average of $6.36. The company’s market cap is $1.290 billion.
PMC-Sierra (NASDAQ:PMCS) last announced its earnings results on Monday, October 28th. The company reported $0.10 EPS for the quarter, meeting the Thomson Reuters consensus estimate of $0.10. The company had revenue of $128.86 million for the quarter, compared to the consensus estimate of $130.24 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 down 2.2% on a year-over-year basis. On average, analysts predict that PMC-Sierra will post $0.33 earnings per share for the current fiscal year.
PMC-Sierra, Inc is a semiconductor innovator transforming networks that connect, move and store digital content.
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