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PMC-Sierra (NASDAQ:PMCS)‘s stock had its “neutral” rating reaffirmed by Zacks in a research note issued on Tuesday. They currently have a $8.00 price target on the stock. Zacks‘s price target indicates a potential upside of 4.85% from the company’s current price.

Zacks’ analyst wrote, “Internet infrastructure semiconductor solutions provider, PMC-Sierra’s first-quarter earnings exceeded the Zacks Consensus Estimate by a penny. Management provided a weak second-quarter guidance. While improvement in the carrier market segment as well as introduction of several major new products were quite encouraging, softness in the Storage and mobile segments 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.”

Shares of PMC-Sierra (NASDAQ:PMCS) traded down 0.52% during mid-day trading on Tuesday, hitting $7.59. The stock had a trading volume of 1,012,280 shares. PMC-Sierra has a 52-week low of $5.60 and a 52-week high of $7.85. The stock’s 50-day moving average is $7.18 and its 200-day moving average is $6.99. The company’s market cap is $1.486 billion.

PMC-Sierra (NASDAQ:PMCS) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.01. The company had revenue of $126.50 million for the quarter, compared to the consensus estimate of $124.00 million. During the same quarter in the previous year, the company posted $0.07 earnings per share. The company’s revenue for the quarter was up 1.0% on a year-over-year basis. Analysts expect that PMC-Sierra will post $0.37 EPS for the current fiscal year.

Separately, analysts at JPMorgan Chase & Co. raised their price target on shares of PMC-Sierra from $6.00 to $7.00 in a research note on Friday, May 2nd. Five equities research analysts have rated the stock with a hold rating, PMC-Sierra presently has a consensus rating of “Hold” and a consensus target price of $7.38.

PMC-Sierra, Inc, is a semiconductor innovator transforming networks that connect, move and store digital content.

To view Zacks’ full report, visit Zacks’ official website.

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