Evercore Group Remains Positive On Applied Micro Circuits
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 view the announcement that APM and NVDA are combining forces with X-Gene + Tesla to target the High Performance Computing (HPC) market as an incremental positive and a proof point that X-Gene is not just a microserver CPU. We see the HPC market as a TAM expander that is additive to the list of original target markets (OEM, Cloud, Networking). This increases our confidence of mgmt meeting its goal of meaningful X-Gene revenues in F2H15.
"We reiterate our thesis that X-Gene, with its differentiated features in (1) brawny cores, (2) integrated I/O, and (3) superior memory bandwidth, is very well positioned to take advantage of its window of opportunity over the next 12-18mo as the only custom silicon in the market.”
Applied Micro Circuits closed on Tuesday at $11.02.
Latest Ratings for AMCC
|Nov 2015||Drexel Hamilton||Initiates Coverage on||Buy|
|Apr 2015||Canaccord Genuity||Maintains||Buy|
|Apr 2015||Topeka Capital||Maintains||Hold|
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