Applied Micro Circuits Rating Reiterated by Zacks (AMCC)
Applied Micro Circuits (NASDAQ:AMCC)‘s stock had its “neutral” rating reiterated by Zacks in a research note issued to investors on Tuesday. They currently have a $8.75 target price on the stock. Zacks‘s price objective points to a potential upside of 5.80% from the stock’s previous close.
Zacks’ analyst wrote, “Applied Micro reported disappointing first quarter fiscal 2015 results with a decrease in year-over-year earnings and revenues. We believe that Applied Micro is well positioned to grow its market share based on its diversified product offerings, such as X-Gene and X-Weave products. In addition, the company’s strong associations with renowned server OEMs are expected to augment its business going forward. However, the competitive strides in the industry are likely to have a detrimental impact on its businesses. Management is also concerned about the continued macroeconomic challenges. Nevertheless, we maintain our long-term Neutral recommendation for the stock. “
A number of other firms have also recently commented on AMCC. Analysts at Roth Capital raised their price target on shares of Applied Micro Circuits from $12.00 to $14.00 in a research note on Thursday, July 31st. Separately, analysts at BMO Capital Markets cut their price target on shares of Applied Micro Circuits from $12.00 to $8.00 in a research note on Thursday, July 31st. Finally, analysts at Topeka Capital Markets reiterated a “hold” rating on shares of Applied Micro Circuits in a research note on Wednesday, July 30th. They now have a $9.00 price target on the stock, down previously from $10.00. Four research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $12.38.
Shares of Applied Micro Circuits (NASDAQ:AMCC) traded down 0.48% on Tuesday, hitting $8.27. 783,379 shares of the company’s stock traded hands. Applied Micro Circuits has a 52 week low of $8.11 and a 52 week high of $15.09. The stock has a 50-day moving average of $10.32 and a 200-day moving average of $10.12. The company’s market cap is $646.7 million.
Applied Micro Circuits Corporation (NASDAQ:AMCC) is a global computing and connectivity solutions for data centers and service providers.
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