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PMC-Sierra (NASDAQ:PMCS)‘s stock had its “neutral” rating reaffirmed by Zacks in a research report issued to clients and investors on Friday. They currently have a $7.00 price objective on the stock. Zacks‘s target price points to a potential upside of 1.60% from the stock’s previous close.

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

PMC-Sierra (NASDAQ:PMCS) opened at 6.89 on Friday. PMC-Sierra has a one year low of $5.60 and a one year high of $7.85. The stock’s 50-day moving average is $7. and its 200-day moving average is $7.19. The company’s market cap is $1.349 billion.

PMC-Sierra (NASDAQ:PMCS) last released its earnings data on Thursday, July 31st. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.01. The company had revenue of $126.80 million for the quarter, compared to the consensus estimate of $125.06 million. During the same quarter in the previous year, the company posted $0.08 earnings per share. The company’s revenue for the quarter was down .6% on a year-over-year basis. On average, analysts predict that PMC-Sierra will post $0.38 earnings per share for the current fiscal year.

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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