Applied Micro Circuits Receives Average Recommendation of “Buy” from Brokerages (NASDAQ:AMCC)
Applied Micro Circuits (NASDAQ:AMCC) has been given a consensus recommendation of “Buy” by the twelve brokerages that are currently covering the stock, Analyst Ratings News reports. Five 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. The average 12-month target price among brokerages that have covered the stock in the last year is $13.80.
AMCC has been the subject of a number of recent research reports. Analysts at Canaccord Genuity initiated coverage on shares of Applied Micro Circuits in a research note on Tuesday. They set a “buy” rating and a $16.00 price target on the stock. Separately, 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. Finally, 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.
Shares of Applied Micro Circuits (NASDAQ:AMCC) traded up 9.45% during mid-day trading on Tuesday, hitting $11.175. 1,346,864 shares of the company’s stock traded hands. Applied Micro Circuits has a 52-week low of $7.64 and a 52-week 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 $871.3 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. Analysts expect that Applied Micro Circuits will post $0.18 EPS for the current fiscal year.
Applied Micro Circuits Corporation (NASDAQ:AMCC) is a global computing and connectivity solutions for data centers and service providers.
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