Market Overview

Evercore Group Feels More Confident In Applied Micro Circuits

Related AMCC
Worst Performing Industries For November 17, 2014
Should You Get Rid Of Applied Micro Circuits Corporation Now?
Chip stocks slump after TI, Xilinx, Qualcomm offer soft guidance (Seeking Alpha)

In a report published Wednesday, Evercore Group analyst Michael Lucarelli reiterated an Overweight rating and $15.00 price target on Applied Micro Circuits (NASDAQ: AMCC).

In the report, Evercore Group noted, “We are more confident in X-Gene's prospects after Cavium's ThunderX announcement reinforced a key pillar to our thesis: X-Gene's time to market advantage.

"ThunderX will likely not be in servers until 2H15 at which point X-Gene 1 will have been shipping ~1.5 years and XGene 2 for ~6 months. This comes on the heels of AMD confirming the necessity of a custom core (another pillar) when they announced in early May that they will bring a custom SoC (K12) to market in 2016. As such, the next 12-18 months will be critical for X-Gene to garner design wins and make significant inroads into the ARM server market.

"With purchase orders in hand across a spectrum of markets (OEM, cloud, HPC, and networking) and meaningful revenues just a few quarters away, we think Applied Micro (APM) is on its way. Reiterate OW and $15PT.”

Applied Micro Circuits closed on Tuesday at $8.98.

Latest Ratings for AMCC

Oct 2014FBR CapitalMaintainsMarket Perform
Oct 2014Canaccord GenuityMaintainsBuy
Oct 2014FBR CapitalMaintainsMarket Perform

View More Analyst Ratings for AMCC
View the Latest Analyst Ratings

Posted-In: Evercore Group Michael LucarelliAnalyst Color Reiteration Analyst Ratings


Related Articles (AMCC)

Around the Web, We're Loving...