Applied Micro Circuits (AMCC) has been initiated today with coverage from the research analysts at Sterne Agee. Agee begins this new coverage of AMCC with an initial price target set at $12 dollars and rates performance of AMCC as “buy.” Agee also noted that they believe Applied Micro Circuits will be greatly benefited by a projected global refresh of optics at carriers around the globe coupled with accelerated growth in mobile data traffic and the combining of multiple interconnect technology protocols. Lastly, Agee believes that the recent pullback in shares of AMCC present an enticing buying opportunity amid new product cycles.
Agee was not joking regarding their pullback in shares of AMCC note. AMCC rebounded today from a new low and gapped north at the normal market open. AMCC entered 2011 trading and trended with overall indecisiveness until double-support of $9.57 was broken June 6th, 2011, thereafter bearish momentum accelerated bringing AMCC to where it stands today.
Applied Micro Circuits is slated to release their next earnings report on July 28th, 2011, and is estimated to post EPS of 2 cents. Their last earnings report was released on April 28th, 2011, and announced EPS of 4 cents with revenue totaling $58.58 million which was up 1.7% year to year. AMCC is currently trading below its 50 & 200-day moving averages and 2011 is a down year for the company.
Applied Micro Circuits Corporation provides semiconductor solutions for the enterprise, telecom and consumer/small medium business markets. They design, develop, market and support high-performance low power integrated circuits which are essential for the processing, transporting and storing of information worldwide. The company has market capitalization of $539,835,720 and 63,361,000 shares outstanding. AMCC has a 52-week high of $12.48 with the low being $7.98 dollars.