Evercorp Maintains on Applied Micro Circuits
In a report published Friday, Evercorp analyst Patrick Wang maintained Overweight on Applied Micro Circuits (NASDAQ: AMCC), with a $20.00 price target.
According to the report, the analyst's thesis remains intact, based on the forthcoming disruption created by the ARM server camp that's led by X-Gene.
“Despite MarQ guidance that slightly missed lowered investor expectations, they remain constructive as (1) the X-Gene family remains on track and (2) assuming little to no growth this year (unlikely), the core business is capable of funding R&D for the foreseeable future,” the report noted.
Some highlights from the report included:
-X-Gene revs NOT pushed out -Profits look safe and cash robust -Valuation offers support
AMCC closed Thursday at $11.35.
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