Zacks reaffirmed their neutral rating on shares of Applied Micro Circuits Corp (NASDAQ: AMCC) in a report issued on Friday. They currently have a $9.00 target price on the stock.
Zacks’ analyst wrote, “We believe that Applied Micro is well positioned to grow its market share based on its diversified product offerings such as X-Gene and PQX that will enable it to enhance its storage and networking markets. In addition, the company’s strong associations with renowned server OEMs are expected to augment its business going forward. However, the competitive strides in the industry and the company’s poor performance in the third quarter of fiscal 2013 are likely to have detrimental impact on its businesses. Management is also concerned about the macro-economic challenges. We maintain our long-term Neutral recommendation for the stock. “
Shares of Applied Micro Circuits Corp traded down 0.72% during mid-day trading on Friday, hitting $8.27. Applied Micro Circuits Corp has a one year low of $4.28 and a one year high of $9.64. The stock’s 50-day moving average is currently $8.84. The company’s market cap is $559.6 million.
Other equities research analysts have also recently issued reports about the stock. Analysts at Craig Hallum downgraded shares of Applied Micro Circuits Corp from a buy rating to a hold rating in a research note to investors on Thursday, January 31st. They now have a $7.00 price target on the stock, down previously from $8.50. Separately, analysts at Wunderlich raised their price target on shares of Applied Micro Circuits Corp from $6.00 to $8.00 in a research note to investors on Thursday, January 31st. They now have a hold rating on the stock. Finally, analysts at Raymond James initiated coverage on shares of Applied Micro Circuits Corp in a research note to investors on Tuesday, January 8th. They set an outperform rating and a $10.50 price target on the stock.
Four investment analysts have rated the stock with a buy rating, one has given an overweight rating, and four have assigned a hold rating to the stock. The stock currently has an average rating of overweight and a consensus price target of $10.79.
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