Applied Micro Circuits Coverage Initiated at Canaccord Genuity (AMCC)
Stock analysts at Canaccord Genuity assumed coverage on shares of Applied Micro Circuits (NASDAQ:AMCC) in a report issued on Tuesday, TheFlyOnTheWall.com reports. The firm set a “buy” rating and a $16.00 price target on the stock. Canaccord Genuity’s price target would suggest a potential upside of 56.71% from the stock’s previous close.
Shares of Applied Micro Circuits (NASDAQ:AMCC) traded up 12.30% during mid-day trading on Tuesday, hitting $11.466. The stock had a trading volume of 3,319,953 shares. Applied Micro Circuits has a one year low of $7.64 and a one year high of $15.09. The stock’s 50-day moving average is $9.29 and its 200-day moving average is $10.. The company’s market cap is $894.0 million.
Applied Micro Circuits (NASDAQ:AMCC) last posted its quarterly earnings results on Thursday, April 24th. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.08. The company had revenue of $51.80 million for the quarter, compared to the consensus estimate of $52.25 million. The company’s revenue for the quarter was down 8.0% on a year-over-year basis. On average, analysts predict that Applied Micro Circuits will post $0.18 earnings per share for the current fiscal year.
A number of other firms have also recently commented on AMCC. Analysts at FBR Capital Markets reiterated an “outperform” rating on shares of Applied Micro Circuits in a research note on Monday, April 28th. They now have a $14.00 price target on the stock. Separately, analysts at TheStreet upgraded shares of Applied Micro Circuits from a “sell” rating to a “hold” rating in a research note on Monday, April 28th. Finally, analysts at Zacks upgraded shares of Applied Micro Circuits from an “underperform” rating to a “neutral” rating in a research note on Friday, April 25th. They now have a $10.00 price target on the stock. Five investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $13.80.
Applied Micro Circuits Corporation (NASDAQ:AMCC) is a global computing and connectivity solutions for data centers and service providers.
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