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According to a research report published this morning, Wunderlich Securities has downgraded Applied Micro Circuits
AMCC from Buy to Hold, and has lowered PT from $8 to $6.50.
In the report, Wunderlich Securities said, "We are downgrading shares of Applied Micro Circuits (AMCC) to Hold from Buy and lowering our price target from $8 to $6.50 following what should be a weaker period for the company's core business. With the company's core business set to decline 15%-20% sequentially for the June quarter, we believe there is a lack of near-term catalysts to move the stock. We still believe the X-Gene product should provide significant value to the company, but with the next significant milestone likely to be December at the earliest, we expect shares to be range bound for the time being."
AMCC closed yesterday at $6.36.
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