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.
Latest Ratings for AMCC
|Nov 2016||Raymond James||Downgrades||Strong Buy||Market Perform|
|Nov 2016||Canaccord Genuity||Downgrades||Buy||Hold|
|Sep 2016||Susquehanna||Initiates Coverage on||Neutral|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.