Roth Capital Maintains Buy On Applied Micro Circuits, $13 PT
In a research report issued today, Roth Capital analyst Krishna Shankar maintained a Buy rating on Applied Micro Circuits (NASDAQ:AMCC) with a price target of $13.00.
Shankar said, “We expect AMCC to report in-line weak 2Q15 results on October 28 and have a flat near-term outlook due to softness in the connectivity business, decline in legacy embedded business offset by a modest ramp for ARM-based 64-bit XGene server platforms. While we are positive longer-term on AMCC’s XGene design wins with HP and potential new customers such as Dell, Cisco, Huawei, HPC & cloud service customers, we trim our estimates as we believe that the ramp will be gradual.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Krishna Shankar has a total average return of 6.5% and a 45.7% success rate. Shankar has a -18.3% average return when recommending AMCC, and is ranked #674 out of 3335 analysts.